Indian venture capital firm A91 Partners and Hong Kong-based peers NewQuest Capital Partners and TR Capital are in separate talks to buy a minority stake in beverages manufacturer Hector Beverages, the owner of Paper Boat brand.
Paper Boat is seeking to secure $25 to $30 million at a valuation of about $200 million.
The funding round is also likely to include participation from existing backer Belgian investment firm Sofina, which in 2015 invested $20 million alongside China’s Hillhouse Capital in Paper Boat.
For the financial year 2018, Hector Beverages reported a 71 percent increase in revenue at $16.6 million.