Pet Food Startup Drools Raises $60 Mn In Fresh Funding
Drools, a pet food brand, has raised $60 million in funding from investment firm L Catterton.
As per the startup, the freshly raised funds will be used to enhance its manufacturing capabilities, accelerate its retail expansion plans, bolster marketing, and talent acquisition.
Drools | Pet Food Brand
Founded by Fahim Sultan in 2010, Drools currently has a 38 percent market share in the Indian pet food market.
The pet food brand claims that its meals are 90-95% chicken, organ, bone, and its animal proteins have no added hormones or antibiotics.
Speaking about the development, Fahim Sultan, Founder of Drools Pet Food, said,
“This partnership will unlock a new phase of growth as India’s developing pet market matures across metros, as well as Tier-1 and Tier-2 cities. This funding milestone enables us to further solidify our position in the market and continue our journey towards creating a positive impact in the pet food industry.”
Currently, Drools exports its products to 22 countries, including Israel, Australia, and the UAE. The pet food brand also plans to enter the Russian market this year and the United States in the near future.
The brand, which closed the financial year 2022 with a turnover of Rs 360 crore, recently stated it aims to double its business in India in the next two years. Its competitors include Pedigree-maker Mars Petcare, as well as Nestle India, which entered that segment with the purchase of Purina Petcare India for about Rs 125 crore in 2022.
Commenting on the development, Anjana Sasidharan, Partner, L Catterton Asia, said,
“What differentiates Drools is its ability to manufacture high-quality products across the price ladder and make them available to pet parents via every relevant channel, be it online on Amazon or Flipkart, or offline in over 34,000 points of sale spanning specialty vet shops, veterinary clinics, and general trade stores.”
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