Functional Beverage Maker Fyre Raises $500K from Venture Catalysts
Rahul Manek, Ex-Partner of Fairwinds Private Equity (Anil Ambani Funds) raised seed capital of $500K for his startup FYRE from Venture Catalysts
Photo Credit : ShutterStock,
Venture Catalysts, India’s first integrated incubator recently invested an amount of $500K in FYRE- India’s first herbal energy shot that gives you instant energy that lasts for many hours backed by the goodness of Ayurveda.
FYRE is India’s first functional energy shot! Unlike sports or party hard energy drinks, FYRE is ‘one-shot’ energy drink for ‘work-hard’ category. Another breakthrough, it’s available at 80% lower price point compared to leading energy drink brands, without compromising on efficacy!
FYRE is on a mission to fuel young, hard-working Indians who are fighting daily fatigue, work stress and who need a tangible energy boost without worrying about health. Unlike other energy drinks it only uses natural ingredients that boosts energy levels & mental alertness.
The investment in FYRE is led by Venture Catalysts angels - Apurva Parekh (Director, Pidilite Industries),Anupam Mittal (Founder, Shaadi.com), Vikash Agarwal, Manish Agarwal (Founders,Nandan Group) RomilRatra (Cofounder, Bellona Hospitality), Kunal Kishore(Founder, Value 360 Communications) AkshayBardia (Director, AT Plus), Karim Jaffer (MD, Gossip Shoes) Vijay Lakhani, Anil Jain, Amit Agrawal, Anup Agrawal, Dipan Dalal and others.
The functional food & drinks industry is growing at rapid rate & is expected to reach USD 225 Billion dollars by 2024 globally.The current funding serves as a shot in the arm for FYRE and will be used by the company to ramp up operations, expanding sales & marketing team and enhance its distribution network.
FYRE was founded by Rahul Manek,ex-Partner of Fairwinds Private Equity(Earlier called Reliance Private Equity). He also served as a board member of Khadim’s(One of India’s Largest Footwear Retailers) and was instrumental in the growth, rebranding and expansion of the iconic shoe company. He is a Bachelor of Engineering from Mumbai University and has a Master’s degree from Cornell University, USA.
Commenting on the brand origin and context, Rahul Manek, Founder, FYRE said, “FYRE is conceived in a modern world where people’s energy levels are not keeping up with their ambitions, aspirations and daily workloads.We are solving a real problem of meeting the comprehensive energy needs of a nation’s workforce. It is a huge market worldwide and has several successful proven models such as the 5 hour Energy in USA with a market of approx. USD 1.2 billion annually, M-150 in Thailand with a market size of approx. USD 350 million, and Lipovitan in Japan with a market size of approx. USD 1.2 billion.
India is gearing up for massive growth in this category, 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 in India.”
Commenting on the funding, Vikas Agarwal said, “With increasing working hours, an energy shot is the need of the hour. FYRE has all the requisites to emerge as an extremely profitable business venture & be category leader in energy shot category.”
Leading investor Apurva Parekh said, “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”.
Venture Catalysts is currently operational in 7 cities across India. This includes top metro cities like Delhi, Mumbai, Bengaluru, and Kolkata, as well as tier-2 like cities Lucknow, Raipur, and Surat. VCats is aggressively expanding its physical footprint in high-potential geographies to tap into the country’s latent entrepreneurial talent.
Around The World