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Paper Boat
Food & Wellness · Ethnic Indian beverages / foods
Late-stage growthIndia
HQBengaluru, India
Founded2009
FoundersNeeraj Kakkar, Neeraj Biyani, Suhas Misra, James Nuttall
RegionIndia
Financials
FY24 Revenue₹585 Cr (FY24) — 16% YoY
FY25 Revenue₹668 Cr (FY25)
YoY growth16% YoY FY24
Profitabilityloss-making
Channels & Distribution
Channel mix not disclosed.
D2C—
Marketplace—
Offline—
Stores50000
Tech stack
Primary stackCustom
Shopify share0%In-house: 100%
Mobile appNo
Stack signals
Custom website (hectorbeverages.com)Google Compute EngineNOT Shopify
Analyst notes
Hector Beverages' ethnic beverages brand. Offline-led: 50,000+ outlets + modern trade, cafes, airports, premium stores. FY24 ₹585 Cr (+16%); FY25 ₹668 Cr with losses narrowed 24%. Custom stack on Google Compute Engine — NOT Shopify.
Confidence: verifiedVerified 5 Jun 2026
Funding
Latest roundGrowth (GIC)2022
Round size₹400 Cr
Total raised~₹1,030 Cr ($143M)
Valuation—
Investors
GIC (Lathe)Peak XVSofinaA91 Partners
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