Case

Using Nostalgic Emotions FIIB Business Review

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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
In early 2017, Neeraj Kakkar (founder and CEO) of Hector
Beverages was sitting with his colleagues in his office and
discussing the growing losses suffered by the company in
the last financial year. Though its revenue had increased,
its losses had risen to $11.2 million (FY 2016–2017)
as compared to $4.2 million in the previous year (FY
2015–2016) (Tandon, 2019). The company’s flagship
brand, ‘Paper Boat’, was launched in 2013 with a focus on
emotional branding and positioning on old memories
(a sense of nostalgia). The strategy of offering high-priced,
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,
mint leaves and roasted cumin powder) in a new avatar
was successful in striking an emotional chord with the
customers and disrupting the market ruled by carbonated
drinks by creating a niche for itself. Nonetheless, after a
blockbuster entry, Hector Beverages’ performance was
deteriorating, and losses were mounting. It was known that
one of the reasons for the losses was a rise in the cost
of natural ingredients and distribution costs. However,
Mr Kakkar had more stiff challenges and issues to deal
with. The top team was looking for answers to a few
questions: (a) Should the company continue with its niche
marketing strategy or try to cater to a larger chunk of the
market? (b) How could the company’s unique nostalgic
emotional positioning be leveraged to further enhance
its profitability? (c) How could Paper Boat leverage its
unique traditional beverages to achieve a competitive
advantage for customers’ preference over other non-
alcoholic beverages?
Nostalgic Emotion and Customer
Behaviour
Because of its profound impact on consumer attitudes and
behaviour, nostalgia is now being acknowledged in
marketing and advertising literature as a key marketing
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: prinka01@gmail.com
2
nostalgic appeals have a strong ability to persuade
audiences and provide a particular brand with an advantage
over competitors (Kessous & Roux, 2008). The Greek
words ‘nostos’ and ‘algos’, which imply ‘return to one’s
native land’ and ‘pain, suffering, or grief’, respectively, are
the sources of the English term ‘nostalgia’ (Daniels, 1985).
However, nowadays, nostalgia is less often classified as a
psychological condition but is considered to be a mixed-
emotional experience of looking back or longing for the
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
demonstrated that viewing an advertisement with a
nostalgic appeal can induce viewers to experience nostalgic
cognitive processes, which can result in a favourable
attitude towards the advertised product (Muehling et al.,
2004; Pascal et al., 2002).
Muehling and Pascal (2011, p. 108) defined the term as
a ‘positively valanced complex feeling, emotion, or mood
produced by reflection on things (objects, persons,
experiences, ideas) associated with the past’ (Gineikiene,
2013; Muehling et al., 2014). Numerous triggers can make
someone feel nostalgic. These triggers include sensory
experiences (pleasant memories from the past), connections
to one’s hometown, artifacts that serve as reminders of life
milestones, friends and family, and objects related to arts,
culture and entertainment (Merchant & Ford, 2008).
Researchers have found the occurrence of nostalgia to
be quite prevalent among individuals who have reached
mid-life (Sedikides et al., 2015). Marketers across
industries have tried using nostalgia-based practices in their
marketing activities to exploit consumer memories. Some
examples include the recent launch of the augmented
reality Pokémon Go app, the re-launch of Nokia’s 3310
cell phone, and the reintroduction of the Mini Cooper.
Previous studies have confirmed that brands that use
nostalgia as a brand positioning benefit from higher brand
equity (Chatzipanagiotou et al., 2016), deeper brand and
self-connections (Kessous et al., 2015), better constructive
product judgments (Gineikiene & Diamantopoulos, 2017),
and increased purchase intentions and word-of-mouth
(Ford et al., 2018; Kala & Chaubey, 2018).
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
responses such as memory, experiences and triggers are
developed. Then, affective consequences (marketing
drivers) such as brand attitude, brand attachment, loyalty
and preferences are described. Finally, these affective
consequences lead to conative responses (nostalgia
formation), composed of consumers’ purchase intentions.
In advertisements, nostalgia has a significant impact on
consumers’ emotions and cognition, influencing attitudes
and, as a result, consumer purchase intention (Jun et al.,
2022). Ju et al. (2016) examined the effects of nostalgic
FIIB Business Review
marketing on consumer decisions, especially brand attitude
and purchase intention. The findings of the study revealed
that nostalgic, past-focused advertisements lead to a
more favourable brand attitude and a greater intention
to purchase the product. Singh et al. (2021) also found
similar results in the context of Indian advertisements.
Khoshghadam et al. (2019) attested that nostalgic emotions
allow consumers to re-experience their ‘true selves’
through the consumption of nostalgic products.
Hector Beverages Private Limited
Hector Beverages was established in 2009 as an unlisted
private business with a paid-up capital of `13.83 million by
Neeraj Kakkar, a former executive of the Coca-Cola
company, Suhas Mishra and Neeraj Biyani, two of Kakkar’s
former colleagues from Coca-Cola, and James Nuttall. The
registered office of the company is in Gurgaon, India.
Frissia, a protein powder drink that was its first product
launch, was created to address the unmet nutritional needs
of the Indian populace. The brand, however, was phased
out after only 2 years due to poor response. Hector
introduced Tzinga, an energy drink, in 2011 to compete
with Red Bull, an Austrian brand that dominates the
market. Tzinga received a comparatively favourable
response. The effective penetration pricing, target market
selection and packaging strategies of the brand worked
well. The success of Tzinga motivated Kakkar and his team
to further research the market for functional beverages.
In 2013, one afternoon, Mr Neeraj Kakkar invited
his colleagues for lunch, and one of them had brought
homemade ‘aam panna’. This led to a brainstorming
session about the disruption that could be created in the
soft drink beverage market. Kakkar and his team decided
to introduce the traditional Indian regional drink, or ‘ethnic
drink’, in the market. The entry of global carbonated
beverage companies resulted in the decline of ethnic
drinks. The goal of Paper Boat, which debuted in India in
August 2013, was to offer non-carbonated beverages to
Indian customers on a large scale. Hector Beverages saw
an opportunity to fill a market need for Indian ethnic drinks
in the beverage sector.
Indian Fruit Juice Beverages Market
In fiscal year 2020, the market value of carbonated
beverages amounted to about `135 billion. In contrast, the
market value of non-carbonated beverages amounted to
`153 billion during the same year (Exhibit 1). The market
value is likely to increase to `350 billion for carbonated
beverages and `782 billion for non-carbonated beverages
in the fiscal year 2027 (Statista, 2022). According to the
India Juice Market Outlook, 2027, the juice market is
expected to grow at a CAGR of more than 11% by the end
of the forecasted period of 2027. The Indian market for
Garg et al.
non-alcoholic beverages has dramatically transformed
over a period. After the year 2000, the beverage market
witnessed steady disruption as consumer preference for
healthy beverages increased. Companies have since been
trying to re-examine their products and match the wants of
next-generation consumers (PwC, 2018; Saha et al., 2021).
Due to the multiple health benefits, the fruit juice market
anticipates huge growth in the coming years. Health-
conscious people are also shifting from fruit drinks to the
fruit juice segment, as it is healthier and has no added
preservatives or artificial flavours like those in the fruit
drinks segment. Growing awareness for health and wellness
has put pressure on the sugared mainstays of the non-
alcoholic drinks business: carbonated soft drinks such as
cola beverages and lemonades. Spending is shifting
towards healthier, less-sugared products like bottled water
and artificially sweetened soft drinks. Until the introduction
of Paper Boat, the ethnic drink category was considered a
niche market and had only a few unbranded local players.
It was predicted in 2015 that there would be an organized
market of around `1.5 billion for ready-to-drink ethnic
beverages (such as those produced by Hector Beverages).
Paper Boat had major competition from the unbranded
category. The different states and regions of India have
their own food habits and specialties. A variety of ethnic
drinks with local flavours and preparation methods are
widely available in various regions of India. Hector
Beverages was the first company to market ethnic drinks
nationally that were previously only popular in their
regions.
Paper Boat: The Launch of Ethnic
Beverage Brand
Realizing the opportunity to offer ethnic drinks to Indians
in an organized manner, Paper Boat was launched in
India in August 2013. Hector Beverages skilfully mixed
traditional formulations with quality and modern packaging
to market a unique product that occupied a niche market
with nearly no direct competition. Paper Boat was initially
released in seven variations. To create Paper Boat, Hector
Beverages effectively drew on the traditional tastes and
local expertise that were present in several regions of India.
Such traditional drinks had been used as functional ethnic
beverages that provided an additional health advantage in
addition to quenching thirst. The objectives of the company
were to provide ethnic Indian drinks to the customers in a
hygienic manner and to create a niche for itself in the
beverage market dominated by the international carbonated
drink manufacturers. Hector Beverages carefully strategized
its decision on launching traditional drinks in the Indian
market with ample opportunities for regional customization.
This was a proposition that could challenge the market
leaders in the beverage industry, like Coca-Cola and PepsiCo,
as they had only limited variants of traditional drinks.
3
Paper Boat penetrated the Indian beverage market and
established a place in the hearts of consumers through its
unique selling proposition and branding (Exhibit 2). Due to
changing consumer choices, time constraints and the
absence of the skill to make the product at home, the
customers were inclined to carbonated and sugary drinks.
Paper Boat presented Indian traditional drinks in packaged
form, which were traditionally made in households only.
Hector Beverages connected people with their roots and
culture through Paper Boat and tapped on the proposition
of offering fresh seasonal drinks to the customers (Bansal,
2016). This company worked not only on the product
development but also on its communication remarkably,
which set it apart from the existing carbonated drinks in the
market. The basic philosophy of the brand was kept very
simple and relatable to the audience: ‘Life is still beautiful’
and ‘Drinks and memories’, which clearly emphasized that
people had become so stressed these days that they had
forgotten the idea of the beauty of life in simple things. As
India is a complex market and the success of a product is
dependent on addressing different demographics, a wide
variety of cultures, logistical issues for perishable items,
and customer demands for value for their money, it was
very difficult to understand the needs of different consumers
and cater to those needs. But Hector Beverages had
accepted this challenge and produced a wide variety of
customized products and done marketing in vernacular
languages for all kinds of consumers across India. In FY
2019, the company generated $27.8 million, compared to
$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
0.65% when compared to big giants like Coca-Cola and
PepsiCo. Other competitors, like Raw Pressery, which had
a revenue of $10.4 in 2019, are also growing at a fast pace
in the niche market of fresh juice beverages (Tandon,
2019). Raw Pressery is a close competitor because they
also offer natural fruit juices with more than 30 variants.
Thus, in addition to developing innovative products,
Paper Boat worked hard to change customer perceptions
and behaviours and create a brand positioning to persuade
consumers to switch from cola-soft drinks to ethnic drinks
with natural ingredients. This need for differentiation
led them to focus on nostalgia, leading to emotional
brand positioning. This strategy assisted in reconnecting
with the target audience’s long-lost memories, particularly
millennials and Generation X.
Paper Boat and Nostalgic
Emotions in Brand Positioning
Getting the edge over other giants and well-established
brands in the highly competitive market was a tough task
for Paper Boat. The brand needed effective positioning to
create brand awareness and attention. Every beverage
4
brand needs strong positioning to differentiate the product
image in the perceptual space of consumers. For example,
Mountain Dew is positioned as ‘victory over threat’, which
portrays Mountain Dew as a strong and rave drink, which
aligns well with its strong carbonated taste and is liked by
people who consider themselves adventurous. Similarly,
Coke, a brand of Coca-Cola, has positioned itself as a
family drink that can be enjoyed with close family
members, which aligns well with its sweet taste and cola
flavour. Paper Boat used a customer-centric approach to
distinguish itself from other carbonated beverages. When
Paper Boat had to decide on a brand positioning, nostalgic
emotions emerged as a feasible choice, as this drink
represents a traditional drink and connects with the culture
and legacy of India. As conventional wisdom states, ‘Old
habits die hard’, which means people are less likely to
change their accustomed behaviour, and Paper Boat seems
to have placed the element of nostalgia to reignite the
memories of traditional Indian culture and connect with the
customers. Additionally, it appeals to the mature-aged
generation as well as the young generation, which is health-
conscious and enjoys the traditional and ethnic taste of
local Indian beverages. Paper Boat has been effective in
establishing an emotional connection through its illustrations
of fond memories from early childhood relating to elderly
people, experiences and places (Exhibit 3).
Mr Neeraj Kakkar and his team started with the tagline,
‘Drinks and memories’. In India, drinks were consumed as
a complement to meals; no one had ever considered the
nostalgic moments associated with drinks. But Mr Kakkar
argued that drinks are also associated with memories, and
he tried to touch that emotional string among consumers to
gain a share in the Indian beverage market. In this
competitive market, instead of using a red ocean marketing
strategy and fighting with many players, Paper Boat
decided on a blue ocean strategy, chose its specific niche,
differentiated its product, and created new demand.
Ramesh Kumar, Professor of Marketing at the Indian
Institute of Management, Bangalore, points out that ‘Paper
Boat entered the psyche of consumers in a unique manner,
evoking nostalgic emotions associated with cultural origins
and ingredients. The brand’s strengths are associated with
ethnic tastes and recipes of a bygone era that are vanishing
in a world of fast food’ (Wharton, 2017).
This unique strategy helped Paper Boat penetrate the
beverage market in India and create a buzz among consumers
that resulted in escalating sales and unmatched popularity in
a significantly short time. Kessoux et al. (2015) affirmed that
the nostalgic status of a brand has a positive influence on
storytelling, attachment and self-brand connections. In
addition to this, a brand’s nostalgic position has a positive
impact in terms of the intention to purchase the brand as a
gift as well as collect brand-derived products. The brand
name ‘Paper Boat’ plays a significant role in the company’s
successful campaign of emotional advertising. It was
intended to evoke the consumers’ childhood memories of
FIIB Business Review
making paper boats in the rain and setting them to sail in the
rain-created water stagnations. The use of storytelling to
develop engaging content also played a significant role in
Paper Boat’s success. It aided in the development of brand
awareness and a distinct emotional connection with its target
audience, resulting in loyalty. Moreover, the aesthetic and
functionally suitable packaging of Paper Boat products
indicated that the company had sunk its teeth into the job of
differentiating its brand with unique and attractive packaging.
The design of the packaging and labels of the Paper Boat
products use appropriate graphics, material and shape,
strengthening the impact of nostalgia and simplicity on the
consumers (Exhibit 4). Interestingly, style and colour
provide clear differentiation from its competitors’ products,
and a story is written on each package, triggering an
emotional connection with the customer (Elephant Design,
2014). Chen (2014) and Khan et al. (2021) opined that
packaging design can evoke nostalgic feelings through its
appearance and can further enhance consumer satisfaction
more effectively.
They understood the importance of building an
emotional attachment to a brand and used traditional spices
and condiments, which were even further customized to
match the tastes of different cultures within India. To
overcome the restricted availability of the main ingredients,
Hector Beverages researched and found the best-quality
seeds of those ingredients and started cultivating them
at their farms. ‘We want to be the benchmark for every
beverage we launch. We also believe that if there is
something better-tasting than our product, we will stop
selling it’, said Mr Kakkar. The use of traditional spices
and secret ingredients make it a niche product that cannot
be easily replaced. Paper Boat products had a comparative
advantage because of their unique traditional taste, non-
carbonated nature, high fruit content, convenient packaging
and functional benefits of natural ingredients as compared
to their competitors. It currently has 13 major variants. The
details of variants, their ingredients and their benefits are
summarized in Exhibit 5.
Paper Boat’s television and video advertisements
successfully connected with consumers by reflecting on
their past life experiences and cultural values. For this,
Paper Boat has used all the elements of old days beautifully
to make memories come alive just by looking at the picture.
With changing times, Paper Boat proactively adapted to
the changing trends in marketing and ventured into online
modes of marketing. Paper Boat ran a campaign where
they invited people to share their childhood memories.
This campaign got millions of views and was shared by
thousands of people, which helped engage more consumers
with the brand. This further proved that positive engagement
with the campaign brings out positive buying behaviour
towards the brand. In essence, emotional connection with a
brand proves to be a positive influencer for Paper Boat, as
the brand has gained immense consumer attention and a
customer–brand relationship in a relatively short period of
Garg et al.
time. Moreover, the product has given competition to the
soft drink market through its overall unique marketing
strategy, which employs an emotional element.
Competition in Indian Beverage
Industry
The Indian beverage industry has become increasingly
crowded. As Exhibit 1 indicates the significant market size
for non-carbonated beverages in the fiscal year 2027. One
of the key drivers for the growth of non-carbonated
beverages (juices and ethnic drinks) is the antipathy
towards fizz-based drinks. Consumers’ changing preferences,
coupled with availability, affordability and innovations in
product packaging, has led to a rise in the consumption of
non-alcoholic beverages in the country. During and after
the COVID-19 pandemic, there was a sharp increase in the
sales of non-carbonated beverages and ethnic drinks,
mainly due to the heightened awareness of health benefits.
Paper Boat has enjoyed great success in India, but it now
faces competition from other beverage brands seeking to
capitalize on the growing demand for traditional Indian
flavours. As the competitive landscape changes, start-ups
like Rakyan Beverages and established players such as
Dabur have entered the market segment. Cola giants have
begun to diversify and localize their product offerings,
starting with their version of jal jeera and aam panna, in
response to the demand for packaged ethnic drinks.
Dabur is a renowned Indian consumer goods company
that operates across various sectors, including healthcare,
personal care, and food and beverages. In an effort to
compete with Paper Boat’s success in the traditional Indian
beverage market, Dabur has taken several steps. With its
vast experience in the beverage industry and deeper pockets,
Dabur has a strategic advantage. It has launched its own line
of traditional Indian drinks, such as Hajmola Yoodley, that
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
the health benefits of its traditional Indian drinks,
highlighting the use of natural and organic ingredients to
appeal to health-conscious consumers. Rakyan Beverages
has innovated by introducing new flavours, packaging and
branding strategies to cater to the changing tastes and
preferences of consumers. Both Dabur and Rakyan have
increased their marketing and promotional efforts, utilizing
both digital and traditional media channels, to raise
awareness about traditional Indian drinks. The competition
has become even more intense, with giants such as Coca-
Cola, PepsiCo, Parle Agro and ITC offering a broader range
of fruit juices (primarily mango or lemon). They have
undercut Paper Boat’s pricing strategy, expanded their
distribution channels to increase reach and accessibility,
and used popular celebrities to endorse their products for
brand engagement.
5
Paper Boat Reaction to
Competition
Paper Boat maintained its brand positioning of nostalgia
and focused on reminding people of ‘Good Old Times’
which acted as a pillar and source of strategic advantage
for the company. Instead of changing its brand positioning
or shifting to mass marketing, the company realized that its
current brand positioning is its core strength and has
potential. The Paper Boat management team remained
calm in the face of the difficult situation. ‘We were slightly
overinvested in our marketing. But looking at the increased
turnover, I don’t think it is an overinvestment’, said Neeraj
Biyani, chief operating officer at Hector Beverages. To
combat the growing challenge, the organization started by
reorganizing its pricing strategy so that it was approachable
to Tier-3 cities and the rural market. It launched lower-
priced variants at `10 and `30, in contrast to its earlier
premium pricing strategy of starting at `60. The
organization aligned the launch of new drinks with the
Indian festivals, thus reaffirming itself as an ethnic drinks
company. For example, it launched Thandai during the
Holi festival in the northern market, Panakam during Ram
Navami in the southern market, and Rose Sherbet during
Ramzan. It strengthened the nostalgia brand positioning
among its customers and emerged as a viable market
alternative for carbonated beverages. The company was
further able to gain the third round from the venture capital
firm A91 Partners and Belgian investor Sofina, which was
already an existing investor in the company. This led to a
62% jump in revenue at the end of the financial year 2019
(Sriram, 2019). The company has also started a new
product line of healthy snacks with traditional and ethnic
flavours and the same brand positioning, which has helped
the company sell more products and increase revenue. In
the FY ending March 2021, the EBITDA of the company
increased by 60.77%. (www.tofler.in, 2022).
Road Ahead for Paper Boat
The winning combination of stylish packaging, ethnic
flavours and nostalgia as the brand’s communication
helped the organization create strong brand awareness and
high sales revenue in the initial years. Despite Paper Boat’s
promising start, the company still had a long way to go to
achieve its objectives. Its success hinged on several crucial
questions. In FY 2016–2017, the company posted a tepid
sales growth of only 12.5% after experiencing high-flying
growth for 7 consecutive years (Malviya, 2018). It was not
a good signal as the company was on an expansion spree; it
had spent $4.2 million constructing a new manufacturing
unit in Mysuru in addition to the first one at Manesar (The
Hindu Business Line, 2018). Paper Boat still needs to
expand its reach and enhance the sales volumes (Wharton,
2017). The company’s plan to trickle down in the Tier-2
6
and Tier-3 cities and rural areas by developing a distribution
tie-up with Nissin in the year 2015 did not work in the
favour of the organization, and it refrained from renewing
the agreement with Nissin in the year 2019 and planned to
develop its distribution network (Tandon, 2019). Further,
the discretionary spending in Tier-3 and rural areas is low,
and the pricing of the company does not align with the
target audience.
Furthermore, Hector, which boasted an ethnic drink
product portfolio and a distinct nostalgia-based positioning,
was facing stiff competition from both domestic and
international players. As Dabur entered the market with
Aam Panna, market leaders PepsiCo and Coca-Cola also
hustled to create a presence in the non-carbonated space,
creating more roadblocks for the firm. Kakkar and his team
are faced with the decision of whether to remain in the
niche market segment of ethnic drinks targeting baby
boomers and old customers only with the same brand
positioning based on nostalgia, or to expand into other
segments to cater to a larger market.
Paper Boat has built a strong connection through nostalgic
emotional branding, but it is now experiencing difficulties
with deeper market penetration due to niche market products.
The leadership of Hector Beverages is in a state of dilemma
over whether the company should continue with its niche
marketing strategy or try to cater to a larger chunk of the
market. At the beginning, a niche market is good, but if a
company wants to grow, it must try to expand its reach in a
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).
FIIB Business Review
diverse country like India, which requires the development
of a strong distribution network. They are also considering
the effectiveness of their unique nostalgic emotional
positioning and ways to improve its profitability. Because a
wide range of customers are exhibiting variety-seeking
purchasing behaviour for products such as juices, the team is
interested in learning how to gain a competitive advantage
for customers’ preference over other non-alcoholic
beverages. The company has started a new product line of
healthy snacks with traditional and ethnic flavours. Thus,
another challenge is whether consumers will continue to
accept this brand extension in the long run. Next important
issue for Kakkar and his team is to rethink its premium
pricing strategy in contrast with substitute products available
at a much lower rate.
Declaration of Conflicting Interests
The authors declared no potential conflicts of interest with respect
to the research, authorship and/or publication of this article.
Funding
The authors received no financial support for the research,
authorship and/or publication of this article.
ORCID iDs
Priyanka Garg https://orcid.org/0000-0002-8868-0463
Rahela Farooqi https://orcid.org/0000-0002-9483-5329
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
Exhibit 5. A Description of Paper Boat Variants, Their Ingredients, and Benefits.
Variant Ingredients
Thandai Almond, cardamom, melon seeds, milk,
fennel powder, black pepper, sugar, khus
Serbet-e-khas Apple juice, lychee juice, sugar, grape juice
Rose Tamarind Tamarind juice, sugar
Panakam Powdered jaggery, lemon, cardamom powder,
common salt, black pepper powder,
dry ginger powder
Chilli Guava Guava pulp, sugar, chilli powder, grits,
black pepper, aamchur, pepper
black powder
Neer More Curd, shredded ginger, common salt,
whole mustard seeds, curry leaf powder,
asafoetida, green chilli paste
Anar 60% pomegranate juice, sugar, ginger powder,
pepper black powder, common and black salt
Aamras 45% of mango pulp, Cardamom, saffron, sugar
Jaljeera 8% of lemon, spices and condiments, sugar,
cumin powder, black pepper powder,
ginger powder, common and black salt,
amchur powder.
Kokum 10% of kokum, sugar, salt, cumin powder,
amchur powder, ginger powder, black pepper
powder, lal mirchi powder, black salt
Jamun Jamun, sugar, cumin powder, black pepper
powder, common and black salt.
Aam Panna Green mango and lemons, Common and
black salt, black pepper, cumin powder,
amchur powder, sugar
Ginger Lemon 4% lemon juice, ginger, sugar, black tea leaves
Tea and lemon grass
Source: Compiled by the authors from the official website of Paper Boat. https://www.paperboatdrinks.com/drinks
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FIIB Business Review
Benefits
Instant energy booster, and its melon seeds are full of protein,
iron, and vitamins. Almond is rich in antioxidants and Vitamin E.
Fennel, pepper, and cardamom are known for their special
digestive properties
Refresher during the tough, hot month of Ramzan
Tamarind brings excellent digestive properties
Jaggery, nature’s best sweetener, is packed with electrolytes
that beat dehydration, and is also rich in minerals like iron,
potassium, magnesium. Ginger brings antioxidant and
astringent properties
Guava has enough iron, four times the vitamin C that oranges
do. It is four times better at boosting immunity. Also, it balances
the body’s sodium and potassium levels, treating tummy and
tooth problems, busting stress, good for the eyes and the skin.
A good source of calcium, B-vitamin potassium, protein, and
antioxidant benefits. Ability to improve digestion and control
cholesterol.
Anar contains polyphenol—an antioxidant. Good for heart
and improving immunity
Mangoes are rich in beta-carotene, selenium, potassium, and
vitamin E. It prevents heart disease. Iron and copper provide
immunity and reduce blood pressure.
Cumin is a natural antioxidant and cleanses vocal cord. Black
pepper and rock salt help in digestion. Ginger clears congestion,
combats nausea, and acts as a muscle relaxant. Lemon juice in
the drink with its innate vitamin C fights exhaustion, detoxes
and even helps in weight loss.
Kokum helps in lowering cholesterol, cleanses the digestive
tract, and is an amazing appetizer. Contains antioxidant,
anti-glaucoma, anti-ulcer, anti-fever, anti-vertigo, anti-allergic,
anti-bacterial and anti-inflammatory properties.
Jamun is a great source of essential minerals such as calcium,
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.
Contains digestive properties and helps in gastrointestinal
disorders such as diarrhoea, dyspepsia and dysentery. Good
source of vitamin C and powerful antioxidants.
Darjeeling black tea is a known antioxidant and reduces
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.
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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
prinka01@gmail.com

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 Rfarooqi@gmail.com

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 yakshigarg88@gmail.com

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 devkala@gmail.com

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 dr.sumanjeet@ramjas.du.ac.in