The parent firm of the well-known beverage brand Paper Boat, Hector Beverages, raised $50.1 million from Lathe Investment Pte Ltd, a Singapore-based sovereign fund owned entirely by GIC. The F&B company Paper Boat, run by Hector Beverages, produces fruit-based beverages with Indian flavours including aam panna (raw mango) and jaljeera (spicy, tangy lemonade). Additionally, it offers healthful snacks like chikki and aam papad as well as dried fruits. As a result of the investment, GIC would hold a 25% share in Gurugram-based Hector Beverages. In India, Paper Boat is currently available in Tier 2 and Tier 3 cities as well as metro areas. The nation’s food and beverage sector have been growing rapidly, and by 2026 it is anticipated to be worth $156.25 billion.