Herbal energy drink startup FYRE, founded by Rahul Manek, Ex-Partner of Fairwinds Private Equity (Anil Ambani Funds) has raised seed capital of $500K from Venture Catalysts.
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 current funding will be used by the startup to ramp up operations, expand its sales and marketing team and enhance its distribution network.
Founded by Rahul Manek, FYRE is India’s first functional energy shot. It will be launched by the end of the year. Unlike sports or party hard energy drinks, FYRE is ‘one-shot’ energy drink for ‘work-hard’ category that is being sold at 80% lower price point compared to leading energy drink brands.
Unlike other energy drinks it only uses natural ingredients that boosts energy levels & mental alertness.
“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 in USA, Thailand and Japan,” Rahul said.
The functional food and drinks industry is growing at rapid rate and is expected to reach $225 billion dollars by 2024 globally.
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 and be category leader in energy shot category.”
“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,” leading investor Apurva Parekh added.