Functional beverage maker FYRE has raised Rs 3.2 crore ($500,000) from angel investment platform Venture Catalysts. The seed round was led by Apurva Parekh, director at Pidilite Industries; Anupam Mittal, founder of Shaadi.com; Vikash Agarwal and Manish Agarwal founders of the Nandan Group among others.
It energy drinks is a huge market worldwide and has several successful models such as 5-hour Energy in the US with a market of nearly $1.2 billion annually M-150 in Thailand with a market size of $350 million and Lipovitan in Japan with a market size of $1.2 billion Manek told the financial newspaper. We will work closely with the team to grow the firm.
A functional energy drink, FYRE was founded by Rahul Manek, former Partner at Fairwinds Private Equity formerly Reliance Private Equity. FYRE will be launched by the end of the year. The firm is looking to use the capital to kickstart operations, build its sales and marketing team as also enhance its distribution network.
The Mumbai-based firm typically invests $500,000 in early-stage startups. In July last year, it raised $500,000 around Rs 3.4 crore then from Zaffiro Ventures. In the recent past it has put money in fintech startup HomeCapital which provides down payment to first-time home buyers, Mumbai-based video content discovery platform Flickstree and daily consumables startup Super Daily.