Shadine Taufik · · 1 min readGIC to invest $50m in India-based beverages firm
Hector Beverages, an India-based beverage manufacturer and the parent company of Paper Boat, is looking to raise US$50 million from GIC, a Singapore-based sovereign fund, Entrackr reported. The funds will be used for “business expansion” and “other general working capital requirements.”
After the deal, GIC will hold 25% stake in Paper Boat. The round is likely to value Paper Boat at US$205 million. It reportedly has a secondary component worth US$20 million.
Paper Boat had previously raised over US$100 million across 14 rounds. Its backers include Sequoia Capital, Trifecta Capital, and Catamaran Ventures.
Former Coca-Cola executives Neeraj Kakkar and Neeraj Biyani founded Paper Boat in 2009. It offers a variety of juices, traditional Indian snacks, and dry fruits.
See also: 50 rising startups in India
Editing by Samreen Ahmad and Lorenzo Kyle Subido
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