Herbal energy shot maker FYRE has raised $500K in a seed funding round from Venture Catalysts. FYRE is claimed to be India’s first functional energy shot that gives a consumer instant energy that lasts for many hours backed by the goodness of Ayurveda.
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 added, “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.”
FYRE was founded by Rahul Manek,ex-Partner of Fairwinds Private Equity(Earlier called Reliance Private Equity). Unlike sports or party hard energy drinks, FYRE is ‘one-shot’ energy drink for ‘work-hard’ category and is said to be available at 80% lower price point compared to leading energy drink brands, without compromising on efficacy.
As stated by Rahul Manek, Founder, FYRE, “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.”
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 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.
Venture Catalysts is currently operational in seven 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. The functional food and drinks industry is expected to reach $225 Bn by 2024 globally. It is a huge market worldwide and has several successful proven models such as the five hour Energy in the USA with a market of approx. $ 1.2 Bn annually, M-150 in Thailand with a market size of approx. $350 Mn, and Lipovitan in Japan with a market size of approx. $1.2 Bn. “India is gearing up for massive growth in this category, a functional energy shot is the need of the hour in India right now. With this funding, we are quite confident to make a huge impact with FYRE in India,” added Rahul.