Gurgaon-based Hector Beverages, which retails the energy drink brand Tzinga, has raised a $8 million in a second round of funding led by Sequoia Capital India. Existing investors Catamaran Ventures and Footprint Ventures have also participated in the round. The company had reportedly raised a Rs 6 crore (a little over $1 million) first round from Catamaran, Footprint and angel investors in March 2011.
According to The Economic Times, Sequoia has invested $5 million in the current round and Catamaran and Footprint have invested the rest. The funds will be used to strengthen marketing and expand its production capacity, said a press release. The company currently has a manufacturing unit in Haryana. The second one is expected to come up in Mysore.
Hector Beverages was founded in 2009 by Neeraj Kakkar, Suhas Misra, Neeraj Biyani and James Nutall. Prior to Hector Beverages, Kakkar, Misra and Biyani were with Coca-Cola India, while Nutall was with Dow Chemicals. The company’s Tzinga Energy Drink is currently available in across markets such as Bangalore, Goa and the Northeast states. It has also recently entered the traditional beverages market with the launch of the Paper Boat brand which comes in the ‘Aamras’ and ‘Jaljeera’ variants.
The energy drinks market in India is dominated by RedBull. Other popular brands include Cloud9 and Coca-Cola’s Burn. A 200ml can of Tzinga retails at Rs 25.
Image credit: Hector Beverages