Paper Boat's parent company Hector Beverages has raised $50 million from Singaporean sovereign fund GIC. Founded in 2009 by Neeraj Kumar Kakkar and Neeraj Biyani, the company diversified into Indian snacks in 2020. This new funding round comes two years after Paper Boat raised around ₹28 crore in July 2020. GIC will have 25% stake in Hector Beverages.