The startup, which is expected to launch the drink by the year-end, will use the capital to ramp up operations, expand sales and marketing team and enhance its distribution network
Functional herbal shots making startup FYRE has raised USD 500,000 in funding from Venture Catalysts in a round led by angel investors such as Apurva Parekh, Director of Pidilite Industries, Anupam Mittal, Founder of Shaadi.com, Vikash Agarwal and Manish Agarwal, founders of Nandan Group, among others.
The angels invested as part of Venture Catalysts, an integrated incubator currently operational in seven cities across India. The firm is aggressively expanding its physical footprint in high-potential geographies to tap into the country’s latent entrepreneurial talent.
Leading investor Apurva Parekh feels Rahul Manek-led FYRE is one of the best ventures to fit the bill. “We strongly believe in Rahul Manek and his team to make FYRE a winning brand. We believe that the timing is right and we’ll work closely with the team to grow the category,” the ex-Partner of Fairwinds Private Equity said.
The startup, which is expected to launch the drink by the year-end, will use the capital to ramp up operations, expand sales and marketing team and enhance its distribution network.
FYRE is a herbal energy shot backed by Ayurvedic principles that induces instant energy lasting for several hours. “We are solving a real problem of meeting the comprehensive energy needs of a nation’s workforce. FYRE is conceived in a modern world where people’s energy levels are not keeping up with their ambitions, aspirations and daily workloads,” said Rahul Manek, Founder of FYRE in a statement.
According to Manek, FYRE has a huge market to address in India, given its success in other markets. For instance, the 5 hour Energy in USA has amassed a market worth about USD 1.2 billion annually. “M-150 in Thailand with a market size of approximately USD 350 million and Lipovitan in Japan with a market size of about USD 1.2 billion” are other examples, Maken said.
“A functional energy shot is the need of the hour in India right now. We are quite confident to make a huge impact with FYRE,” he added.The functional food and drinks industry is growing at rapid rate, and globally it is expected to reach USD 225 billion in valuation by 2024.