Bangalore: The Gurgaon based Hector Beverages that manufactures the ethnic drinks brand Paper Boat, raises about Rs.183 crore in a funding round directed by Belgian financier Sofina and China’s Hillhouse Capital, emphasizing the patron’s enduring popularity to domestic consumer companies. The company will utilize the capital to launch four additional flavors of Paper Boat in the market, increase production, hire experts and expand its footprints. Hector also plans to start a new television campaign shortly.
Present investors Sequoia Capital and Catamaran Ventures were also a part in Hector’s prime fundraise ever since its commencement in 2010, which values the company at Rs.400 -Rs.500 crore. On the whole, Hector has elevated Rs.250 crore.
Unveiled in 2009, Hector Beverages trades ethnic drink under the brand name ‘Paper Boat’. The drinks are presented in seven savors at shoppaperboat.com including Aamras, Jaljeera, Jamun Kala Khatta, Aam Panna, Kokum, Imli Ka Amlana and Golgappe Ka Paani. The company has two manufacturing plants in Manesar and Mysore which has a total production capacity of 10 Million units a month.
The venture foresees setting up a third plant in Mysore later this year with a production capacity of 8 Million units a month. Apart from the renowned brand Paper Boat, Hector also sells Tzinga, an energy drink. But, in May, India’s food safety regulator ordered the recall of Tzinga, affirming it as hazardous. Meanwhile, the company has pertained for a reformulation of the drink.