# Paper Boat

Startup profile on Capital Atlas: https://capitalatlas.ai/startups/paper-boat

- Industry: Consumer Products
- Headquarters: Bangalore, India
- Website: www.paperboatdrinks.com
- Total disclosed funding: $41M
- Latest round: Series C (Jul 1, 2020)
- Investors on record: 7

## About

Based in Bengaluru, Karnataka, India, and founded in 2009, by Neeraj Kakkar, Neeraj Biyani, Suhas Misra, and James Nuttall, Hector Beverages Private Limited, doing business as Paper Boat, is a manufacturer of traditional Indian beverages and foods. The company started its business with the production of protein drink, Frissia, followed by the energy drink Tzinga in 2011, and eventually, the company shifted its focus to the ethnic drinks segment, and in March 2013, it launched the fruit pulp-based brand, Paper Boat. As of July 2021, Neeraj Kakkar is the CEO of the company and has manufacturing facilities in Mysuru and in Manesar, Gurgaon.
In March 2011, the firm raised its first funding amount of INR 60 million in a venture capital financing from Footprint Ventures and Catamaran Ventures., and in March 2020, the company raised an undisclosed amount of venture funding, as part of a larger INR 300 million funding, from existing investors A91 Partners, Advent International, and Trifecta Ventures. In July 2020, the firm raised INR 28 million in venture funding led by returning investor Sofina with participation from other returning investors A91 Partners, Catamaran Ventures, and Sequoia Capital.

The company operates with an aim to bring back traditional Indian beverages into the modern generation and offers a portfolio of ethnic drinks such as jaljeera, aamras, kokum, jamun, aam panna, imli ka amlana, panakam, serbet-e-khaas, rose tamarind, and golgappe ka paani. The firm initially offered the drinks in single-serving pouches, and now broadened its packaging to one liter Tetra Prisma Aseptic cartons as well, which enhanced its reach to the multi-serve category. Paper Boat began its traditional food segment in 2016, with the introduction of the Indian snack, peanut chikki, and expanded its products with the addition of panipuri pellets, almond bar, and dry fruit chikki.
Additionally, as a part of the firm’s marketing activity, Paper Boat has published reprints of Three Men in a Boat, and Jungle Book, and offered it as a giveaway to its customers along with beverages in gift boxes, and seasonal sales offer.

The company generated INR 235 crore revenue in the financial year 2020.

The firm intends to launch more online-only products and plans to expand its reach to international markets including America, Britain, France, Canada, Australia, Netherlands, U.A.E, and Malaysia.

## Funding rounds

- Series C, Jul 1, 2020, $3.8M — Hong Shan, Sofina, Catamaran Ventures, A91 Partners
- Series C, May 22, 2015, $29M — Hong Shan, Sofina, Hillhouse Investment, Catamaran Ventures, Trifecta Capital
- Series B, Aug 11, 2012, $6.9M — Hong Shan, Footprint Ventures, Catamaran Ventures
- Series A, Dec 6, 2010, $1.4M — Footprint Ventures, Catamaran Ventures

## Investors

- Footprint Ventures (https://capitalatlas.ai/funds/footprint-ventures) — Series A, Series B
- Catamaran Ventures (https://capitalatlas.ai/funds/catamaran-ventures) — Series A, Series B, Series C
- Hong Shan — Series B, Series C
- Sofina — Series C
- Hillhouse Investment (https://capitalatlas.ai/funds/hillhouse-investment) — Series C
- Trifecta Capital (https://capitalatlas.ai/funds/trifecta-capital) — Series C
- A91 Partners (https://capitalatlas.ai/funds/a91-partners) — Series C