You all know Paper Boat, right? The ethnic drinker that aims to bring up memories of our childhood with their authentic, no preservatives drink. Well at least, that’s what their ad suggests and we love it. Read our feature here.
Now, Paper Boat just got bigger with the drink makers called Hector Beverages raising a whopping Rs. 183 crores in funding led by Belgian investor Sofina and China’s Hillhouse Capital. Existing investors Sequoia Capital and Catamaran Ventures also participated in Hector’s largest fundraise since its inception in 2010.
With this, the company is now values at $100 Million.
“We will be good for the next 18 months for sure with this new fundraise,” said Neeraj Kakkar, founder and chief executive of Hector. We bet, they will!
The company plans to use the money to launch four Paper Boat flavours, increase manufacturing capacity, hire senior executives and expand its distribution reach. Hector also plans to launch another television campaign in September-October, Kakkar said.
Four more new flavours? Bring it on!
Hector Beverages also sells Tzinga, the country’s second-largest energy drink brand after Red Bull, although Paper Boat accounts for 75% of its sales. In May, India’s food safety regulator ordered the recall of Tzinga, declaring it unsafe. The company has applied for a reformulation of the beverage, Kakkar said. Until then, the product will be off the shelves.