Sequoia leads $8M second funding round at energy drink maker Hector Beverages
Gurgaon-based Hector Beverages Private Limited has raised $8 million in its second round of funding. The investment was led by Sequoia Capital, with participation from existing investors Infosys co-founder Narayan Murthy's fund Catamaran Ventures and Footprint Ventures. The firm will use the money primarily for marketing and expansion of production capacity.
The company’s flagship brand is Tzinga Energy Drink was launched two years ago. It’s distributed across different cities and is popular in markets like Bangalore, Goa, and the Northeast states. The new funding will help Hector Beverages make ‘Tzinga’ a pan-India drink.
Neeraj Kakkar, CEO, Hector Beverages, said, "We are delighted to have Sequoia Capital as a partner in this journey. Sequoia's legacy, network, expertise in consumer area and the quality of its team were all key parameters which made the decision very easy."
In 2011, Catamaran and Footprint Ventures, along with four angel investors, had invested Rs 6 crore in Hector Beverages. Media reports reveal that Catamaran and Footprint Ventures invested Rs 2.5 crore each in the company. The other investors contributed the rest. The company was started in 2009.
"Tzinga is a pioneer in the energy drink category in India with innovations on product, packaging and distribution. We are delighted to partner with Neeraj and his team in building an enduring franchise in the functional beverages space, " said VT Bharadwaj, managing director, Sequoia Capital India Advisors.
Sequoia Capital in India currently manages funds capitalised at close to $1.4 billion and invests across venture, growth and late-stage opportunities. Over the last five years, Sequoia Capital has invested in more than 50 companies in India, including Café Coffee Day, Idea Cellular, Just Dial, Manappuram Finance, Paras, Quick Heal, Micromax, Mu Sigma and Vasan Health Care.
Hector Beverages Pvt. Ltd. is engaged in manufacturing soft drinks and beverages. Its products include chilled rasam, sattu drinks, ginger lemon tea, tulsi tea, aamras, jaljeera, kokum, jamun kala khatta, aam panna and golgappe ka pani under the brand name Paper Boat. The company was founded in 2009 and is based in Gurgaon, Haryana.
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Footprint Ventures is a venture capital firm. It provides finance to early stage companies operating in India. The firm seeks to invest in lifestyle, retail, financial services, security, education, clean technology, life sciences, technology and restaurant sectors. It typically invests between $1 million and $5 million in its portfolio companies. The company was founded in 2005 and is based in Bangalore, India.
Sequoia Capital India Advisors Pvt. Ltd. is a venture capital firm with around $1.93 billion assets under management. It provides seed, late and growth stage capital to companies operating in India. The firm seeks to invest in technology, healthcare, foods and beverages, outsourced services, pharma, consumer, finance, education, manufacturing, hospitality, media and entertainment, energy, retail, infrastructure and telecom sectors. It invests between $0.1 million and $1 million in seed stage, $1 million and $10 million in early stage and $10 million and $100 million in growth stage companies. Sequoia Capital India was formed by the merger of Sequoia Capital and WestBridge Capital Partners on May 2006. On February 2011, WestBridge Capital Partners has spun out from Sequoia Capital India and formed new entity WestBridge Capital Partners.
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