According to Entrackr, Hector Beverages, the parent company of Paper Boat and an Indian beverage manufacturer, is looking to raise fifty million dollars from the Government Investment Corporation (GIC) in Singapore
The money will be used to pay for “other general working capital needs” and to “expand the business.”
Following the deal, GIC will own 25% of Paper Boat. Paper Boat is expected to be worth US $205 million after the financing. It contains a secondary component worth $20 million, according to reports.
Before this, Paper Boat has already provided over USD 100 million in funding throughout 14 rounds. Catamaran Ventures, Sequoia Capital, and Trifecta Capital are among their supporters.
Neeraj Kakkar and Neeraj Biyani, formerly employed at Coca-Cola, launched their own company, Paper Boat, in 2009. In addition, there is a selection of beverages, traditional Indian snacks, and dried fruits available for purchase.