Jaipur,24 June, 2025.
Fireside Ventures, one of India’s leading early-stage consumer-focused venture capital firms, has reinforced its belief in the entrepreneurial depth and consumption potential of markets beyond the metros following its investment in Jaipur-based dairy brand Frubonin February 2024. The successful partnership has highlighted the kind of scale, category innovation, and consumer resonance emerging from Tier 2 and 3 regions like Rajasthan – across not just dairy, but also high-growth sectors such as beauty, wellness, functional foods, and snacks.
Frubon, which raised a Series A round from Fireside Ventures, Pi Ventures LLP (NarotamSekhsaria Family Office) and other angel investors, has since scaled up rapidly. With a CAGR of over 65% since inception and projected revenues in the range of INR 250 crores in FY2026, it has emerged as one of North India’s strongest dairy players. The brand’s expansive product portfolio of 200+ SKUs across ice creams, milk, lassi, and other dairy segments is backed by an integrated supply chain and manufacturing setup in Jaipur.
Fireside sees this growth not only as validation of categories like dairy, but also as a reflection of evolving consumer behavior in Tier 2/3 India – particularlyin regions like Rajasthan where trust, quality and accessibility are key brand levers.Jaipur, in particular, has steadily emerged as a fertile ground for startup innovation, producing well-known ventures across mobility, auto-tech, fashion and furniture. CarDekho, one of India’s leading auto-tech platforms; Jugnoo, a pioneer in hyperlocal mobility; and Voylla, a fashion accessories brand with a strong offline footprint – all trace their roots back to the city. More recently, companies like WoodenStreet (home furniture and décor) and Minimalist (a science-backed skincare brand that scaled nationally) are proving that Jaipur-based startups can not only thrive locally but build national brands. These successes underscore the state’s growing appetite for digital-first, consumer-centric businesses – across categories.
“We’ve always believed in backing purposeful brands solving real consumer needs. Our investment in Frubon was a testament to that belief. But more importantly, it opened our eyes to the immense opportunity in Rajasthan – a state with a growing entrepreneurial spirit, access to talent and strong local consumption stories,” said Adarsh Menon, Partner, Fireside Ventures.“We would like for more early-stage founders from the region to see Fireside as a partner of choice in their journey – one that brings not just capital, but deep category insight and brand-building support.”
Rahul Verma, Director, Dev Milk Foods, added, “Our partnership with Fireside has been instrumental in scaling Frubon’s vision and reach. Their consumer-first approach, combined with strategic guidance, has helped us move faster and deeper into the segment. We’re excited to see them now look deeper into the Rajasthan ecosystem.”
Rajasthan’s startup ecosystem has seen consistent momentum, with Jaipur emerging as a key hub. As of 2024, the state hosts over 1,500 registered startups (as per Tracxn), with sectors like food & beverage, agri-tech, edtech and sustainable D2C brands witnessing strong growth. Fireside believes there are significant white spaces to tap into — from clean-label food and functional wellness brands to craft and culture-led lifestyle ventures. With growing momentum in regional startup ecosystem, Fireside is now keen to engage more closely withentrepreneurs at an early stage shaping the next wave of consumer-first businesses in Rajasthan.
