Hector Beverages, the parent entity of beverages and snacks brand Paper Boat, is raising $50 million in a funding round from 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. Post-transaction, GIC will own a 25% equity in Hector Beverages.
Hector Beverages aims to utilize the raised capital to fund capital expenditure, business expansion, and general working capital requirements.
Founded in 2010 by former Coca-Cola executives – Neeraj Kakkar and Niraj Biyani, Hector Beverages retails packaged juices, coconut water, traditional Indian snacks like chikki and aam papad, and more.
According to Neeraj Kakkar, Hector Beverages is aiming to become a house of brands by acquiring smaller players in the food and beverages (F&B) segment. Entrackr first reported the development based on filings.
Last week, Mint reported Hector Beverages was in talks to raise $70 million from GIC at a valuation of $250 million, including a secondary component of $20 million.