Case

Using Nostalgic Emotions FIIB Business Review

1–10
2023 Fortune Institute of
to Revive Indian Ethnic International Business
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DOI: 10.1177/23197145231176115

Strategy at Paper Boat

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Priyanka Garg1 , Rahela Farooqi1 , Yakshi Garg2, Devkant Kala3

and Sumanjeet Singh4

Abstract
Amidst the intensive cola war in the Indian market, Hector Beverages Private Limited introduced ethnic drink as a competitive strategy
to attract Indian consumers. This move aims to attract Indian consumers by not only offering health benefits and nutritional value but
also providing a sense of connection to the past and emotional satisfaction through old memories. Paper Boat, an ethnic and nostalgic
beverage brand of Hector Beverages, has disrupted the Indian beverage industry, challenging market leaders to provide innovative and
nutritional drinks. The case study highlights Paper Boat’s innovative value proposition and nostalgia marketing campaigns, while also
examining the competitive strategies of major players in the Indian beverage industry. The case study also raises important questions
that Hector Beverages must consider remaining relevant in a changing market and retaining its competitive advantage.

Keywords
Consumer behaviour, emotional advertising, emotional branding, nostalgia

Introduction one of the reasons for the losses was a rise in the cost
of natural ingredients and distribution costs. However,
In early 2017, Neeraj Kakkar (founder and CEO) of Hector Mr Kakkar had more stiff challenges and issues to deal
Beverages was sitting with his colleagues in his office and with. The top team was looking for answers to a few
discussing the growing losses suffered by the company in questions: (a) Should the company continue with its niche
the last financial year. Though its revenue had increased, marketing strategy or try to cater to a larger chunk of the
its losses had risen to $11.2 million (FY 2016–2017) market? (b) How could the company’s unique nostalgic
as compared to $4.2 million in the previous year (FY emotional positioning be leveraged to further enhance
2015–2016) (Tandon, 2019). The company’s flagship its profitability? (c) How could Paper Boat leverage its
brand, ‘Paper Boat’, was launched in 2013 with a focus on unique traditional beverages to achieve a competitive
emotional branding and positioning on old memories advantage for customers’ preference over other non-
(a sense of nostalgia). The strategy of offering high-priced, alcoholic beverages?
traditional drinks like Aam panna (a vegan summer cooler
made from unripe green mangoes) and Jal jeera (a popular
Indian summer drink that is made from fresh coriander, Nostalgic Emotion and Customer
mint leaves and roasted cumin powder) in a new avatar Behaviour
was successful in striking an emotional chord with the
customers and disrupting the market ruled by carbonated Because of its profound impact on consumer attitudes and
drinks by creating a niche for itself. Nonetheless, after a behaviour, nostalgia is now being acknowledged in
blockbuster entry, Hector Beverages’ performance was marketing and advertising literature as a key marketing
deteriorating, and losses were mounting. It was known that technique. According to Marchegiani and Phau (2011),

1 Centre of Management Studies, Jamia Milia Islamia University, New Delhi, India
2 New Castle University, Newcastle upon Tyne, United Kingdom
3 School of Business, University of Petroleum and Energy Studies, Dehradun, Uttarakhand, India
4 Department of Commerce, Ramjas College, University of Delhi, New Delhi, India

Corresponding author:
Priyanka Garg, Centre of Management Studies, Jamia Milia Islamia University, New Delhi 110025, India.
E-mail: [email protected]
2 FIIB Business Review

nostalgic appeals have a strong ability to persuade marketing on consumer decisions, especially brand attitude
audiences and provide a particular brand with an advantage and purchase intention. The findings of the study revealed
over competitors (Kessous & Roux, 2008). The Greek that nostalgic, past-focused advertisements lead to a
words ‘nostos’ and ‘algos’, which imply ‘return to one’s more favourable brand attitude and a greater intention
native land’ and ‘pain, suffering, or grief’, respectively, are to purchase the product. Singh et al. (2021) also found
the sources of the English term ‘nostalgia’ (Daniels, 1985). similar results in the context of Indian advertisements.
However, nowadays, nostalgia is less often classified as a Khoshghadam et al. (2019) attested that nostalgic emotions
psychological condition but is considered to be a mixed- allow consumers to re-experience their ‘true selves’
emotional experience of looking back or longing for the through the consumption of nostalgic products.
past, containing both cognitive and emotional dimensions
(Baumgartner, 1992). Almost every adult has probably
felt nostalgic at some point in their lives. It has been Hector Beverages Private Limited
demonstrated that viewing an advertisement with a Hector Beverages was established in 2009 as an unlisted
nostalgic appeal can induce viewers to experience nostalgic private business with a paid-up capital of `13.83 million by
cognitive processes, which can result in a favourable Neeraj Kakkar, a former executive of the Coca-Cola
attitude towards the advertised product (Muehling et al., company, Suhas Mishra and Neeraj Biyani, two of Kakkar’s
2004; Pascal et al., 2002). former colleagues from Coca-Cola, and James Nuttall. The
Muehling and Pascal (2011, p. 108) defined the term as registered office of the company is in Gurgaon, India.
a ‘positively valanced complex feeling, emotion, or mood Frissia, a protein powder drink that was its first product
produced by reflection on things (objects, persons, launch, was created to address the unmet nutritional needs
experiences, ideas) associated with the past’ (Gineikiene, of the Indian populace. The brand, however, was phased
2013; Muehling et al., 2014). Numerous triggers can make out after only 2 years due to poor response. Hector
someone feel nostalgic. These triggers include sensory introduced Tzinga, an energy drink, in 2011 to compete
experiences (pleasant memories from the past), connections with Red Bull, an Austrian brand that dominates the
to one’s hometown, artifacts that serve as reminders of life market. Tzinga received a comparatively favourable
milestones, friends and family, and objects related to arts, response. The effective penetration pricing, target market
culture and entertainment (Merchant & Ford, 2008). selection and packaging strategies of the brand worked
Researchers have found the occurrence of nostalgia to well. The success of Tzinga motivated Kakkar and his team
be quite prevalent among individuals who have reached to further research the market for functional beverages.
mid-life (Sedikides et al., 2015). Marketers across In 2013, one afternoon, Mr Neeraj Kakkar invited
industries have tried using nostalgia-based practices in their his colleagues for lunch, and one of them had brought
marketing activities to exploit consumer memories. Some homemade ‘aam panna’. This led to a brainstorming
examples include the recent launch of the augmented session about the disruption that could be created in the
reality Pokémon Go app, the re-launch of Nokia’s 3310 soft drink beverage market. Kakkar and his team decided
cell phone, and the reintroduction of the Mini Cooper. to introduce the traditional Indian regional drink, or ‘ethnic
Previous studies have confirmed that brands that use drink’, in the market. The entry of global carbonated
nostalgia as a brand positioning benefit from higher brand beverage companies resulted in the decline of ethnic
equity (Chatzipanagiotou et al., 2016), deeper brand and drinks. The goal of Paper Boat, which debuted in India in
self-connections (Kessous et al., 2015), better constructive August 2013, was to offer non-carbonated beverages to
product judgments (Gineikiene & Diamantopoulos, 2017), Indian customers on a large scale. Hector Beverages saw
and increased purchase intentions and word-of-mouth an opportunity to fill a market need for Indian ethnic drinks
(Ford et al., 2018; Kala & Chaubey, 2018). in the beverage sector.
Rana et al. (2021) explained the model of consumer
nostalgia, which is divided into three sections. In the first
section of the model (consumer drivers), cognitive-related Indian Fruit Juice Beverages Market
responses such as memory, experiences and triggers are
In fiscal year 2020, the market value of carbonated
developed. Then, affective consequences (marketing
beverages amounted to about `135 billion. In contrast, the
drivers) such as brand attitude, brand attachment, loyalty
market value of non-carbonated beverages amounted to
and preferences are described. Finally, these affective
`153 billion during the same year (Exhibit 1). The market
consequences lead to conative responses (nostalgia
value is likely to increase to `350 billion for carbonated
formation), composed of consumers’ purchase intentions. beverages and `782 billion for non-carbonated beverages
In advertisements, nostalgia has a significant impact on in the fiscal year 2027 (Statista, 2022). According to the
consumers’ emotions and cognition, influencing attitudes India Juice Market Outlook, 2027, the juice market is
and, as a result, consumer purchase intention (Jun et al., expected to grow at a CAGR of more than 11% by the end
2022). Ju et al. (2016) examined the effects of nostalgic of the forecasted period of 2027. The Indian market for
Garg et al. 3

non-alcoholic beverages has dramatically transformed Paper Boat penetrated the Indian beverage market and
over a period. After the year 2000, the beverage market established a place in the hearts of consumers through its
witnessed steady disruption as consumer preference for unique selling proposition and branding (Exhibit 2). Due to
healthy beverages increased. Companies have since been changing consumer choices, time constraints and the
trying to re-examine their products and match the wants of absence of the skill to make the product at home, the
next-generation consumers (PwC, 2018; Saha et al., 2021). customers were inclined to carbonated and sugary drinks.
Due to the multiple health benefits, the fruit juice market Paper Boat presented Indian traditional drinks in packaged
anticipates huge growth in the coming years. Health- form, which were traditionally made in households only.
conscious people are also shifting from fruit drinks to the Hector Beverages connected people with their roots and
fruit juice segment, as it is healthier and has no added culture through Paper Boat and tapped on the proposition
preservatives or artificial flavours like those in the fruit of offering fresh seasonal drinks to the customers (Bansal,
drinks segment. Growing awareness for health and wellness 2016). This company worked not only on the product
has put pressure on the sugared mainstays of the non- development but also on its communication remarkably,
alcoholic drinks business: carbonated soft drinks such as which set it apart from the existing carbonated drinks in the
cola beverages and lemonades. Spending is shifting market. The basic philosophy of the brand was kept very
towards healthier, less-sugared products like bottled water simple and relatable to the audience: ‘Life is still beautiful’
and artificially sweetened soft drinks. Until the introduction and ‘Drinks and memories’, which clearly emphasized that
of Paper Boat, the ethnic drink category was considered a people had become so stressed these days that they had
niche market and had only a few unbranded local players. forgotten the idea of the beauty of life in simple things. As
It was predicted in 2015 that there would be an organized India is a complex market and the success of a product is
market of around `1.5 billion for ready-to-drink ethnic dependent on addressing different demographics, a wide
beverages (such as those produced by Hector Beverages). variety of cultures, logistical issues for perishable items,
Paper Boat had major competition from the unbranded and customer demands for value for their money, it was
category. The different states and regions of India have very difficult to understand the needs of different consumers
their own food habits and specialties. A variety of ethnic and cater to those needs. But Hector Beverages had
drinks with local flavours and preparation methods are accepted this challenge and produced a wide variety of
widely available in various regions of India. Hector customized products and done marketing in vernacular
Beverages was the first company to market ethnic drinks languages for all kinds of consumers across India. In FY
nationally that were previously only popular in their 2019, the company generated $27.8 million, compared to
regions. $16.7 million in FY 2018. The total sales revenue of soft
drinks in India for the fiscal year 2018–2019 was $4248
million. Paper Boat drinks had a market share of only
Paper Boat: The Launch of Ethnic 0.65% when compared to big giants like Coca-Cola and
Beverage Brand PepsiCo. Other competitors, like Raw Pressery, which had
Realizing the opportunity to offer ethnic drinks to Indians a revenue of $10.4 in 2019, are also growing at a fast pace
in an organized manner, Paper Boat was launched in in the niche market of fresh juice beverages (Tandon,
India in August 2013. Hector Beverages skilfully mixed 2019). Raw Pressery is a close competitor because they
traditional formulations with quality and modern packaging also offer natural fruit juices with more than 30 variants.
to market a unique product that occupied a niche market Thus, in addition to developing innovative products,
with nearly no direct competition. Paper Boat was initially Paper Boat worked hard to change customer perceptions
released in seven variations. To create Paper Boat, Hector and behaviours and create a brand positioning to persuade
Beverages effectively drew on the traditional tastes and consumers to switch from cola-soft drinks to ethnic drinks
local expertise that were present in several regions of India. with natural ingredients. This need for differentiation
Such traditional drinks had been used as functional ethnic led them to focus on nostalgia, leading to emotional
beverages that provided an additional health advantage in brand positioning. This strategy assisted in reconnecting
addition to quenching thirst. The objectives of the company with the target audience’s long-lost memories, particularly
were to provide ethnic Indian drinks to the customers in a millennials and Generation X.
hygienic manner and to create a niche for itself in the
beverage market dominated by the international carbonated Paper Boat and Nostalgic
drink manufacturers. Hector Beverages carefully strategized
its decision on launching traditional drinks in the Indian
Emotions in Brand Positioning
market with ample opportunities for regional customization. Getting the edge over other giants and well-established
This was a proposition that could challenge the market brands in the highly competitive market was a tough task
leaders in the beverage industry, like Coca-Cola and PepsiCo, for Paper Boat. The brand needed effective positioning to
as they had only limited variants of traditional drinks. create brand awareness and attention. Every beverage
4 FIIB Business Review

brand needs strong positioning to differentiate the product making paper boats in the rain and setting them to sail in the
image in the perceptual space of consumers. For example, rain-created water stagnations. The use of storytelling to
Mountain Dew is positioned as ‘victory over threat’, which develop engaging content also played a significant role in
portrays Mountain Dew as a strong and rave drink, which Paper Boat’s success. It aided in the development of brand
aligns well with its strong carbonated taste and is liked by awareness and a distinct emotional connection with its target
people who consider themselves adventurous. Similarly, audience, resulting in loyalty. Moreover, the aesthetic and
Coke, a brand of Coca-Cola, has positioned itself as a functionally suitable packaging of Paper Boat products
family drink that can be enjoyed with close family indicated that the company had sunk its teeth into the job of
members, which aligns well with its sweet taste and cola differentiating its brand with unique and attractive packaging.
flavour. Paper Boat used a customer-centric approach to The design of the packaging and labels of the Paper Boat
distinguish itself from other carbonated beverages. When products use appropriate graphics, material and shape,
Paper Boat had to decide on a brand positioning, nostalgic strengthening the impact of nostalgia and simplicity on the
emotions emerged as a feasible choice, as this drink consumers (Exhibit 4). Interestingly, style and colour
represents a traditional drink and connects with the culture provide clear differentiation from its competitors’ products,
and legacy of India. As conventional wisdom states, ‘Old and a story is written on each package, triggering an
habits die hard’, which means people are less likely to emotional connection with the customer (Elephant Design,
change their accustomed behaviour, and Paper Boat seems 2014). Chen (2014) and Khan et al. (2021) opined that
to have placed the element of nostalgia to reignite the packaging design can evoke nostalgic feelings through its
memories of traditional Indian culture and connect with the appearance and can further enhance consumer satisfaction
customers. Additionally, it appeals to the mature-aged more effectively.
generation as well as the young generation, which is health- They understood the importance of building an
conscious and enjoys the traditional and ethnic taste of emotional attachment to a brand and used traditional spices
local Indian beverages. Paper Boat has been effective in and condiments, which were even further customized to
establishing an emotional connection through its illustrations match the tastes of different cultures within India. To
of fond memories from early childhood relating to elderly overcome the restricted availability of the main ingredients,
people, experiences and places (Exhibit 3). Hector Beverages researched and found the best-quality
Mr Neeraj Kakkar and his team started with the tagline, seeds of those ingredients and started cultivating them
‘Drinks and memories’. In India, drinks were consumed as at their farms. ‘We want to be the benchmark for every
a complement to meals; no one had ever considered the beverage we launch. We also believe that if there is
nostalgic moments associated with drinks. But Mr Kakkar something better-tasting than our product, we will stop
argued that drinks are also associated with memories, and selling it’, said Mr Kakkar. The use of traditional spices
he tried to touch that emotional string among consumers to and secret ingredients make it a niche product that cannot
gain a share in the Indian beverage market. In this be easily replaced. Paper Boat products had a comparative
competitive market, instead of using a red ocean marketing advantage because of their unique traditional taste, non-
strategy and fighting with many players, Paper Boat carbonated nature, high fruit content, convenient packaging
decided on a blue ocean strategy, chose its specific niche, and functional benefits of natural ingredients as compared
differentiated its product, and created new demand. to their competitors. It currently has 13 major variants. The
Ramesh Kumar, Professor of Marketing at the Indian details of variants, their ingredients and their benefits are
Institute of Management, Bangalore, points out that ‘Paper summarized in Exhibit 5.
Boat entered the psyche of consumers in a unique manner, Paper Boat’s television and video advertisements
evoking nostalgic emotions associated with cultural origins successfully connected with consumers by reflecting on
and ingredients. The brand’s strengths are associated with their past life experiences and cultural values. For this,
ethnic tastes and recipes of a bygone era that are vanishing Paper Boat has used all the elements of old days beautifully
in a world of fast food’ (Wharton, 2017). to make memories come alive just by looking at the picture.
This unique strategy helped Paper Boat penetrate the With changing times, Paper Boat proactively adapted to
beverage market in India and create a buzz among consumers the changing trends in marketing and ventured into online
that resulted in escalating sales and unmatched popularity in modes of marketing. Paper Boat ran a campaign where
a significantly short time. Kessoux et al. (2015) affirmed that they invited people to share their childhood memories.
the nostalgic status of a brand has a positive influence on This campaign got millions of views and was shared by
storytelling, attachment and self-brand connections. In thousands of people, which helped engage more consumers
addition to this, a brand’s nostalgic position has a positive with the brand. This further proved that positive engagement
impact in terms of the intention to purchase the brand as a with the campaign brings out positive buying behaviour
gift as well as collect brand-derived products. The brand towards the brand. In essence, emotional connection with a
name ‘Paper Boat’ plays a significant role in the company’s brand proves to be a positive influencer for Paper Boat, as
successful campaign of emotional advertising. It was the brand has gained immense consumer attention and a
intended to evoke the consumers’ childhood memories of customer–brand relationship in a relatively short period of
Garg et al. 5

time. Moreover, the product has given competition to the Paper Boat Reaction to
soft drink market through its overall unique marketing Competition
strategy, which employs an emotional element.
Paper Boat maintained its brand positioning of nostalgia
and focused on reminding people of ‘Good Old Times’
Competition in Indian Beverage which acted as a pillar and source of strategic advantage
Industry for the company. Instead of changing its brand positioning
or shifting to mass marketing, the company realized that its
The Indian beverage industry has become increasingly
current brand positioning is its core strength and has
crowded. As Exhibit 1 indicates the significant market size
potential. The Paper Boat management team remained
for non-carbonated beverages in the fiscal year 2027. One
calm in the face of the difficult situation. ‘We were slightly
of the key drivers for the growth of non-carbonated
overinvested in our marketing. But looking at the increased
beverages (juices and ethnic drinks) is the antipathy
turnover, I don’t think it is an overinvestment’, said Neeraj
towards fizz-based drinks. Consumers’ changing preferences,
Biyani, chief operating officer at Hector Beverages. To
coupled with availability, affordability and innovations in
combat the growing challenge, the organization started by
product packaging, has led to a rise in the consumption of
reorganizing its pricing strategy so that it was approachable
non-alcoholic beverages in the country. During and after
to Tier-3 cities and the rural market. It launched lower-
the COVID-19 pandemic, there was a sharp increase in the
priced variants at `10 and `30, in contrast to its earlier
sales of non-carbonated beverages and ethnic drinks,
premium pricing strategy of starting at `60. The
mainly due to the heightened awareness of health benefits.
organization aligned the launch of new drinks with the
Paper Boat has enjoyed great success in India, but it now
Indian festivals, thus reaffirming itself as an ethnic drinks
faces competition from other beverage brands seeking to
company. For example, it launched Thandai during the
capitalize on the growing demand for traditional Indian
Holi festival in the northern market, Panakam during Ram
flavours. As the competitive landscape changes, start-ups
Navami in the southern market, and Rose Sherbet during
like Rakyan Beverages and established players such as
Ramzan. It strengthened the nostalgia brand positioning
Dabur have entered the market segment. Cola giants have
among its customers and emerged as a viable market
begun to diversify and localize their product offerings,
alternative for carbonated beverages. The company was
starting with their version of jal jeera and aam panna, in
further able to gain the third round from the venture capital
response to the demand for packaged ethnic drinks.
firm A91 Partners and Belgian investor Sofina, which was
Dabur is a renowned Indian consumer goods company
already an existing investor in the company. This led to a
that operates across various sectors, including healthcare,
62% jump in revenue at the end of the financial year 2019
personal care, and food and beverages. In an effort to
(Sriram, 2019). The company has also started a new
compete with Paper Boat’s success in the traditional Indian
product line of healthy snacks with traditional and ethnic
beverage market, Dabur has taken several steps. With its
flavours and the same brand positioning, which has helped
vast experience in the beverage industry and deeper pockets,
the company sell more products and increase revenue. In
Dabur has a strategic advantage. It has launched its own line
the FY ending March 2021, the EBITDA of the company
of traditional Indian drinks, such as Hajmola Yoodley, that
increased by 60.77%. (www.tofler.in, 2022).
feature a variety of flavours similar to those offered by
Paper Boat. Rakyan Beverages, the parent company of
the Indian beverage brand Raw Pressery, has focused on Road Ahead for Paper Boat
the health benefits of its traditional Indian drinks,
highlighting the use of natural and organic ingredients to The winning combination of stylish packaging, ethnic
appeal to health-conscious consumers. Rakyan Beverages flavours and nostalgia as the brand’s communication
has innovated by introducing new flavours, packaging and helped the organization create strong brand awareness and
branding strategies to cater to the changing tastes and high sales revenue in the initial years. Despite Paper Boat’s
preferences of consumers. Both Dabur and Rakyan have promising start, the company still had a long way to go to
increased their marketing and promotional efforts, utilizing achieve its objectives. Its success hinged on several crucial
both digital and traditional media channels, to raise questions. In FY 2016–2017, the company posted a tepid
awareness about traditional Indian drinks. The competition sales growth of only 12.5% after experiencing high-flying
has become even more intense, with giants such as Coca- growth for 7 consecutive years (Malviya, 2018). It was not
Cola, PepsiCo, Parle Agro and ITC offering a broader range a good signal as the company was on an expansion spree; it
of fruit juices (primarily mango or lemon). They have had spent $4.2 million constructing a new manufacturing
undercut Paper Boat’s pricing strategy, expanded their unit in Mysuru in addition to the first one at Manesar (The
distribution channels to increase reach and accessibility, Hindu Business Line, 2018). Paper Boat still needs to
and used popular celebrities to endorse their products for expand its reach and enhance the sales volumes (Wharton,
brand engagement. 2017). The company’s plan to trickle down in the Tier-2
6 FIIB Business Review

and Tier-3 cities and rural areas by developing a distribution diverse country like India, which requires the development
tie-up with Nissin in the year 2015 did not work in the of a strong distribution network. They are also considering
favour of the organization, and it refrained from renewing the effectiveness of their unique nostalgic emotional
the agreement with Nissin in the year 2019 and planned to positioning and ways to improve its profitability. Because a
develop its distribution network (Tandon, 2019). Further, wide range of customers are exhibiting variety-seeking
the discretionary spending in Tier-3 and rural areas is low, purchasing behaviour for products such as juices, the team is
and the pricing of the company does not align with the interested in learning how to gain a competitive advantage
target audience. for customers’ preference over other non-alcoholic
Furthermore, Hector, which boasted an ethnic drink beverages. The company has started a new product line of
product portfolio and a distinct nostalgia-based positioning, healthy snacks with traditional and ethnic flavours. Thus,
was facing stiff competition from both domestic and another challenge is whether consumers will continue to
international players. As Dabur entered the market with accept this brand extension in the long run. Next important
Aam Panna, market leaders PepsiCo and Coca-Cola also issue for Kakkar and his team is to rethink its premium
hustled to create a presence in the non-carbonated space, pricing strategy in contrast with substitute products available
creating more roadblocks for the firm. Kakkar and his team at a much lower rate.
are faced with the decision of whether to remain in the
niche market segment of ethnic drinks targeting baby Declaration of Conflicting Interests
boomers and old customers only with the same brand The authors declared no potential conflicts of interest with respect
positioning based on nostalgia, or to expand into other to the research, authorship and/or publication of this article.
segments to cater to a larger market.
Paper Boat has built a strong connection through nostalgic Funding
emotional branding, but it is now experiencing difficulties The authors received no financial support for the research,
with deeper market penetration due to niche market products. authorship and/or publication of this article.
The leadership of Hector Beverages is in a state of dilemma
over whether the company should continue with its niche ORCID iDs
marketing strategy or try to cater to a larger chunk of the
market. At the beginning, a niche market is good, but if a Priyanka Garg https://orcid.org/0000-0002-8868-0463
company wants to grow, it must try to expand its reach in a Rahela Farooqi https://orcid.org/0000-0002-9483-5329

Exhibit 1. Market Value of Non-alcoholic Beverages in India in Financial Year 2020, with an Estimate for 2027, by Type (in Billion `).
Source: Statista (2022).
Garg et al. 7

Exhibit 2. Value Proposition of Paper Boat.

Exhibit 3. Paper Boat Advertisement Showing Old Memories.

Source: Paper Boat Instagram Official Page. https://www.instagram.com/paperboatdrinks/?hl=en

Exhibit 4. Packaging of Paper Boat.

Source: Official website of Paper Boat. https://www.paperboatdrinks.com/drinks
8 FIIB Business Review

Exhibit 5. A Description of Paper Boat Variants, Their Ingredients, and Benefits.

Variant Ingredients Benefits

Thandai Almond, cardamom, melon seeds, milk, Instant energy booster, and its melon seeds are full of protein,
fennel powder, black pepper, sugar, khus iron, and vitamins. Almond is rich in antioxidants and Vitamin E.
Fennel, pepper, and cardamom are known for their special
digestive properties
Serbet-e-khas Apple juice, lychee juice, sugar, grape juice Refresher during the tough, hot month of Ramzan
Rose Tamarind Tamarind juice, sugar Tamarind brings excellent digestive properties
Panakam Powdered jaggery, lemon, cardamom powder, Jaggery, nature’s best sweetener, is packed with electrolytes
common salt, black pepper powder, that beat dehydration, and is also rich in minerals like iron,
dry ginger powder potassium, magnesium. Ginger brings antioxidant and
astringent properties
Chilli Guava Guava pulp, sugar, chilli powder, grits, Guava has enough iron, four times the vitamin C that oranges
black pepper, aamchur, pepper do. It is four times better at boosting immunity. Also, it balances
black powder the body’s sodium and potassium levels, treating tummy and
tooth problems, busting stress, good for the eyes and the skin.
Neer More Curd, shredded ginger, common salt, A good source of calcium, B-vitamin potassium, protein, and
whole mustard seeds, curry leaf powder, antioxidant benefits. Ability to improve digestion and control
asafoetida, green chilli paste cholesterol.
Anar 60% pomegranate juice, sugar, ginger powder, Anar contains polyphenol—an antioxidant. Good for heart
pepper black powder, common and black salt and improving immunity
Aamras 45% of mango pulp, Cardamom, saffron, sugar Mangoes are rich in beta-carotene, selenium, potassium, and
vitamin E. It prevents heart disease. Iron and copper provide
immunity and reduce blood pressure.
Jaljeera 8% of lemon, spices and condiments, sugar, Cumin is a natural antioxidant and cleanses vocal cord. Black
cumin powder, black pepper powder, pepper and rock salt help in digestion. Ginger clears congestion,
ginger powder, common and black salt, combats nausea, and acts as a muscle relaxant. Lemon juice in
amchur powder. the drink with its innate vitamin C fights exhaustion, detoxes
and even helps in weight loss.
Kokum 10% of kokum, sugar, salt, cumin powder, Kokum helps in lowering cholesterol, cleanses the digestive
amchur powder, ginger powder, black pepper tract, and is an amazing appetizer. Contains antioxidant,
powder, lal mirchi powder, black salt anti-glaucoma, anti-ulcer, anti-fever, anti-vertigo, anti-allergic,
anti-bacterial and anti-inflammatory properties.
Jamun Jamun, sugar, cumin powder, black pepper Jamun is a great source of essential minerals such as calcium,
powder, common and black salt. potassium, magnesium, phosphorus, and sodium, Jamun has
anti-diabetic, pro-digestive and skin-clearing properties. A
source of iron and vitamin C, Jamun helps cure anaemia and kill
fatigue. It improves eyesight and removes hoarseness of voice.
Aam Panna Green mango and lemons, Common and Contains digestive properties and helps in gastrointestinal
black salt, black pepper, cumin powder, disorders such as diarrhoea, dyspepsia and dysentery. Good
amchur powder, sugar source of vitamin C and powerful antioxidants.
Ginger Lemon 4% lemon juice, ginger, sugar, black tea leaves Darjeeling black tea is a known antioxidant and reduces
Tea and lemon grass inflammation and other oxidation related internal hullabaloo
(OORIH). It also prevents halitosis and bad breath problems.
Ginger is a massive immunity booster. Ginger contains
essential amounts of chromium, magnesium and zinc that
help in regulating blood flow and combat motion sickness.
Source: Compiled by the authors from the official website of Paper Boat. https://www.paperboatdrinks.com/drinks

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10 FIIB Business Review

About the Authors

Priyanka Garg has completed PhD in advertising from Jamia Millia Islamia University. Currently,
she is working as a Visiting Faculty with Jaypee University, Noida. Also, she is engaged in consulting
small business brands to help them strategizing their marketing plans. She has research interest in
consumer behavior, consumer brands, emotional advertising and retail. She can be reached at
[email protected]

Rahela Farooqi is a Professor with Centre for Management Studies, Jamia Millia Islamia (Central
University), New Delhi. She has an experience of around 20 years out of which 17 years are in Jamia
Millia Islamia. She has a PhD in Management and an MBA from Faculty of Management Studies
and Research, Aligarh Muslim University, Aligarh. She is a recipient of Junior Research Fellowship
from UGC. She has published various papers in refereed international and national journals and
presented papers in International and National Conferences in India and abroad. She has guided
research to 18 doctoral students out of which 12 have been awarded PhD. She has completed a major
research project sponsored by UGC. She has edited three books in Management and has organized many conferences and
workshops in the department. Her areas of interest include Services Marketing. Retail Management & E-marketing. She
can be reached at [email protected]

Yakshi Garg is working as Management Professional in the domain of International business at

Evident Scientific Private Limited. She has completed her masters in science from New Castle
University, UK. She has research interest in consumer behavior and international marketing. She can
be reached at [email protected]

Devkant Kala is an Assistant Professor of marketing at the School of Business, UPES, Dehradun,
Uttarakhand, India. His areas of interest are tourism, hospitality marketing, customer behaviour and
technology adoption. He has published papers in Scopus indexed and ABDC ranked journals
including Current Issues in Tourism, Journal of Quality Assurance in Hospitality and Tourism,
Digital Policy, Regulations, and Governance, Journal of Teaching in Travel & Tourism, Education
and Information Technologies, International Journal of Tourism Policy, International Journal of
Business Excellence, Tourism, among others. He can be reached at [email protected]

Sumanjeet Singh completed MCom; MPhil; PG Diploma in Cyber Law and PhD. He is presently
working with the Department of Commerce at Ramjas College, University of Delhi, India. He has
authored more than 110 research papers for various national and international journals of repute and
presented papers in many national and international conference. He is an active editorial member/
assistant editor of many international journals. His areas of interest are MSMEs, IPRs, Development
issues, ICT and law and economics. He can be reached at [email protected]