IAN Angel Fund leads INR 2.5 crore funding round in functional beverage startup Peping

IAN Angel Fund, the evergreen fund of IAN Group, has led an INR 2.5 crore funding round in Peping, an FMCG startup building functional beverages for modern Indian consumers. The round also saw participation from other angel investors. The capital will be used to expand distribution, strengthen supply chain capabilities, invest in brand building, and launch new product flavours.The investors' conviction in Peping is primarily driven by its focus on functional nutrition and demonstrated signs of repeat consumption. The company is positioned at an inflection point in India’s beverage market, particularly within the premium and health-focused segment, valued at around ₹10,000 crore and growing steadily. Functional beverages are among the fastest-growing sub-categories and are expected to cross ₹13,500 crore by 2033, driven by urban Gen Z and millennial consumers seeking healthier alternatives to sugary carbonated drinks.Founded by Chirag Maheshwari and Prateek Maheshwari, Peping offers low-calorie prebiotic fizzy drinks and probiotic digestive shots designed for daily consumption.

Unlike niche kombucha brands, child-focused probiotic drinks, or clinical capsules, the company aims to create a great-tasting, affordable, and shelf-stable functional soda suited to Indian preferences. Its dual format of sodas for everyday drinking and shots for targeted digestive support allows the brand to address multiple consumption occasions.Peping is available on Swiggy Instamart, Zepto, BigBasket, First Club, Namdhari’s, Ratnadeep, and over 200 retail outlets across Bengaluru. The brand is also present in gyms, cafés, and corporate offices through catering partnerships. The company has built its production facility using off-the-shelf components and brought soda canning in-house to improve margins and quality control, reflecting a capital-efficient operating approach.Commenting on the fundraise, Chirag Maheshwari, Co-founder, Peping, said, “We are thrilled to welcome IAN Group on board alongside key co-investors Signal Ventures, Eleven Eleven, and other angels. Beyond sharing our excitement for Peping’s vision, they bring invaluable strategic expertise to accelerate our distribution expansion and strengthen brand presence.”

Chirag Maheshwari oversees production, online sales, and branding, with prior experience across consumer brands. Prateek Maheshwari leads distribution, offline sales, and finance, bringing experience in partnerships and scaling operations. The founders have known each other since childhood and bring complementary strengths across product and distribution, two critical pillars in consumer FMCG.Functional sodas have already seen strong success globally. In the US, brands like Olipop and Poppi have built billion-dollar outcomes, with growing consumer demand for prebiotic drinks that combine taste and health. With Peping’s foundational strategy of building a scalable FMCG brand in an under-penetrated but critical category, there is strong potential to build a scalable, health-driven brand in India.

In India, the category is still early, but the timing is right. Nearly 70% of urban Indians report digestive concerns, and while probiotic habits exist culturally through foods like curd and kanji, there has been no modern, ready-to-drink format at scale. With the rise of quick commerce, distribution has become faster and more viable for new-age beverage brands.