, the parent company of beverages and snacks brand Paper Boat, raised $50 million in a fresh funding round led by Lathe Investment Pte, an investment holding company managed by Singapore’s GIC Special Investments Pvt Ltd.
According to the Registrar of Companies (RoC) filings, Hector Beverages issued 50,27,273 Class D CCPS (Compulsorily Convertible Preference Shares) to Lathe Investment at Rs 795.66 each. With this transaction, GIC will hold 25% equity in Hector Beverages.
The beverages company will use the capital to fund capital expenditure, business expansion, and general working capital requirements, the company said in the filings.
Additionally, the Gurugram-registered company issued bonus Class B equity shares to existing investors, including A91 Emerging Fund, Sofina Ventures, Godrej Industries, and others, last week.
According to Mint, Hector Beverages was in talks to raise $70 million from GIC at a valuation of $250 million, including a secondary component of $20 million. Entrackr first reported the development based on filings.
In 2019, Hector Beverages had last raised an equity round from A91 Emerging Fund, Sofina SA, Narayan Murthy-backed Catamaran Ventures, and Sequoia Capital.
Founded in 2009 by Neeraj Kumar Kakkar and Neeraj Biyani, the company manufactures the popular soft drink brand Paper Boat. It diversified into Indian snacks in 2020.
Hector Beverages competes with traditional packaged juice brands from Dabur and HUL and Wingreen Farms-backed Raw Pressery. The company reported EBITDA losses of Rs 30.27 crore for the financial year 2020-21, compared to EBITDA losses of Rs 76.8 crore in the previous year.
