Drools Raises $60 Million from L Catterton to Fuel Growth in India’s Pet Food Market
- ByStartupStory | June 20, 2023
Pet food brand Drools has secured $60 million in a private equity funding round led by L Catterton, the consumer growth investor associated with luxury conglomerate LVMH. This investment marks L Catterton’s entry into the Indian pet food sector and is one of the largest funding rounds to date in the country’s pet care industry.
The funding will be utilized to enhance manufacturing capabilities to meet the rising demand for high-quality pet food products, accelerate the company’s retail expansion plan, strengthen the marketing budget, and attract top talent to support future growth. Drools Pet currently operates three production facilities and a consolidated warehouse spanning an impressive 8-lakh sq ft.
Established in 2010, Drools Pet claims a significant 38% market share and exports its products to over 22 countries, including Australia, Israel, and the UAE. The company has ambitious plans to enter the Russian market this year and the United States in the near future.
Fahim Sultan, the founder of Drools Pet Food Pvt Ltd, expressed excitement about the partnership, stating, “This partnership will unlock a new phase of growth as India’s developing pet market matures across metros, Tier 1 and Tier 2 cities. We are keen to leverage [L Catterton’s] consumer insights, operating know-how, and commercial network to further strengthen our brands and recruit talent.”
L Catterton has a strong track record of investments in the pet sector, including renowned brands such as Butternut Box, Canidae, Inspired Pet Nutrition, Instinct, JustFoodForDogs, Lily’s Kitchen, Old Mother Hubbard, Partner Pet, Petlove, Pure & Natural, and Rachael Ray Nutrish. The firm’s expertise and ability to create value in the pet food sector make it a valuable partner for Drools Pet’s expansion plans.
Anjana Sasidharan, a partner in L Catterton Asia, expressed enthusiasm about entering India’s pet food market, stating, “Drools’ ability to manufacture quality products across the price ladder is a differential factor. This is an exciting time to be entering the country’s pet food market, which we believe is at an inflection point, and we look forward to working closely with the Drools team to further scale its business.”
As part of its growth strategy, Drools Pet will focus on ramping up production capacity, streamlining operations, and strengthening its distribution network. The brand offers a diverse portfolio of dog and cat food brands, including Drools, Pure Pet, Meat Up, Canine Creek, and Kitty Yum. Notably, Drools Pet is a prominent seller in the pet food segment on Amazon, maintaining a 100% e-commerce presence.
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