Fireside Ventures, a venture capital firm with their primary focus on initial stage investments has hired Dipanjan Basu, the former CFO of Myntra as a partner and CFO. Basu’s departure, though he is still in the middle of his notice period with Myntra and Jabong, comes in close pursuit of Binny Bansal’s parting with Walmart-acquired online retail giant, Flipkart.
In a statement by Fireside Ventures it was reported that Basu is due to join by the end of January. While he would be looking at the initiation and management of fresh investments, his span of control and functions would also extend to implementing financial, regulatory and investor management processes.
Prior to commencing his role with Myntra and Jabong in 2016, Basu was with Wipro’s digital and consulting business and as the CFO and COO (Chief Operating Officer) there, his responsibilities included building and setting up new businesses, M&A and investments in startups. A chartered accountant by qualification, Basu has also served as the CFO at Quatrro Risk Management Services.
Fireside seems to be on a steady course to strengthen its top leadership and in September, took on board IndiGo’s former president, Aditya Ghosh as an advisory board member. Earlier this month though, Ghosh moved on to OYO as the Chief Executive Officer for India and South Asia.
Fireside Ventures has a strong advisory panel with Amit Agarwal, Senior Vice President and Country Manager at Amazon India, Harsh Mariwala, Chairman of Marico Ltd and Sri Rajan, Chairman at Bain & Company India. The senior leadership team also includes Managing Partner, Kanwaljit Singh, partner, Vinay Singh and venture partner, Kannan Sitaram.
The final close of Fireside’s debut fund was marked at Rs. 340 crore (about $52 Mn) in March, 2018 with a portfolio that currently includes Yoga Bar, Samosa Singh, Goodness Beverages, Design Café, Bombay Shaving Company, boAt, Mama Earth, Vahdam Teas, Magic Crate, Pipa Bella and Alpha Vector.
With a strengthened advisory and leadership team, it would be interesting to watch what the next ventures would be into, which startups would be funded and how the new acquired talent is leveraged.