Early-to-mid stage venture capital firm A91 Partners is expected to lead a USD 30 million funding round in Hector Beverages, the parent company of Paper Boat.
The company’s existing investor Belgium-based Sofina is likely to participate in the funding round, which may shoot up Hector’s valuation to USD 200 million, said a report by Mint, citing three unnamed sources.
A91 has already invested USD 1.45 million in Hector on March 20 as part of the ongoing round, showed regulatory filings with the Ministry of Corporate Affairs, as per the report.
Eight-year-old Hector Beverages was founded by former Coca-Cola India employees Neeraj Kakkar and Neeraj Biyani. Apart from Paper Boat, they also have Tzinga brand, which had courted trouble with Foods Safety and Standards Authority of India (FSSAI) in 2015 for caffeine content, but was cleared by the authority a year later.
Hector Beverages last raised USD 29 million in Series C round in 2015. The round, which valued the company at USD 100 million, was led by Sofina and Hillhouse Capital as well Sequoia Capital and Catamaran Investments Pvt. Ltd. Sequoia is expected to sit out in this round, the Mint report said citing sources.