Chennai-based Triquetrus Essentials, which owns and operates energy drinks startup FYRE, has received an investment of ₹3.2 crore from funding and incubation platform Venture Catalysts.
The angel investors who participated in the funding round includes Apurva Parekh, director of Pidilite Industries; Anupam Mittal, founder of Shaadi.com; Vikash Agarwal and Manish Agarwal, founders, Nandan Group, among others.
The funding will be used by the company to ramp up its operations, expand sales and marketing team and to enhance its distribution network.
The company was founded by Rahul Manek, former partner at Fairwinds Private Equity (formerly Reliance Private Equity). Commenting on the development, Rahul Manek said:
We are solving a real problem of meeting the energy needs of a nation’s workforce. It (energy drinks) is a huge market worldwide and has several successful models such as 5-hour Energy in the US with a market of nearly $1.2 billion annually, M-150 in Thailand with a market size of $350 million and Lipovitan in Japan with a market size of $1.2 billion.
Venture Catalysts typically invests around ₹65 lakh to ₹3.5 crore in early-stage startups. It is currently operating in seven cities—Delhi, Mumbai, Bengaluru, Kolkata, Lucknow, Raipur and Surat.
FYRE is expected to get launched by the end of the year. The newly raised capital will be used by the company to kickstart operations.