Hector Beverages, the parent company of popular beverage brand Paper Boat, raised $50.1 million from Lathe Investment Pte Ltd, which is wholly owned by Singapore-based sovereign fund GIC.
Hector Beverages operates the F&B brand Paper Boat, which sells fruit-based drinks in Indian flavours such as aam panna (raw mango) and jaljeera (spicy, tangy lemonade). It also sells dry fruits and healthy snacks such as chikki and aam papad. GIC will own a 25% stake in Gurugram-based Hector Beverages as a result of the investment. Paper Boat is currently present in metro cities as well as Tier 2 and 3 cities in India. The country’s F&B industry has been rapidly expanding and is expected to reach a market value of $156.25 billion by 2026.