Singapore’s GIC set to invest in Paper Boat maker Hector

“The paperwork is going on, and the deal is almost done,” one of the people cited above said. “The primary fund raise is around $50 million, with a secondary stake sale of another $20 million.”

Hector Beverages will sell new shares in the funding round, while some existing investors will sell some of their holdings.

“GIC is likely to hold a significant minority stake in the company post the deal,” the second person said. In the last three years, the company has raised capital from investors including Sofina Ventures, A91 Partners and Advent Management.

Founded in 2010 by former Coca-Cola executives Neeraj Kakkar and Niraj Biyani, Hector sells packaged juices, coconut water, and traditional Indian snacks such as chikki and aam papad. It has also entered the dry fruits-based snacks and zero sugar snacks segment. Its products are available across 500,000 outlets.

In an emailed response, Neeraj Kakkar, chief executive of Hector Beverages, said, “The only thing I can comment on is that company is doing phenomenally well post-covid. We are at a run rate of ₹700 crore, almost 100% growth over the last year’s number. We are profitable.” Queries emailed to a GIC spokesperson remained unanswered.

VCCircle was the first to report the company’s fundraising plans in January this year. The company aims to be a house of brands and seeks to acquire smaller players in the food and beverages (F&B) segment. “The company will look to buy brands in the wellness and health segment and is in talks with around half a dozen players already,” the third person said.

Kakkar said the company’s goal is to be a platform for F&B innovation. “We have the distribution pipe to launch innovation across the health and wellness spectrum. Our philosophy combines what Ayurveda has to offer with the scientific advances in F&B ingredients,” he said.

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