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Published on : Jul 07, 2015

Hector Beverages Pvt Ltd, the Gurgaon-based beverages company that manufactures beverages and soft drinks under the brand Paper Boat, has recently raised $29 million (Rs 183 crore) in a Series C fund-raising round led by the Belgian investment company Sofina and Chinese company Hillhouse Capital.

The company stated that the existing investors of Hector Beverages, the Catamaran Investments Pvt Ltd - Infosys co-founder Narayana Murthy’s private investment company, and Sequoia Capital also participated in the funding round.

Although the company spokesperson stated that it was able to raise Rs 180 crore from the four investors, records from the Registrar of Companies state that the actual investments accounted to an additional Rs 3 crore from a few individual investors.

With these investments, Hector Beverages is now valued at around $100 million.

The new set of investments will help Hector Beverages in expanding its presence across the country. The company is also planning to introduce a few new flavors and set-up a new manufacturing unit and expand its employee base.

Neeraj Kakkar, founder and CEO of Hector Beverages, said in a statement that the company has witnessed a significant buy-out of its products and the new funds will grant the company a competitive edge and help it make the most of its current momentum.

Hector Beverages had entered the beverages market with a range of energy drinks in the year 2013. Its range of products belongs to ethnic soft drinks category.
 
 This is Hillhouse Capital’s second known investment in an Indian company. Hillhouse Capital, a $20 billion company, was founded by Zhang Lei in the year 2005. It invests in both public and private companies and is particularly known for its many investments in Chinese startups. Earlier this year, Hillhouse Capital had invested in the company Girnar Software, the software company behind auto portal CarDekho.com.