Bengaluru-based D2C unicorn Licious invests 1 Million USD in pet food start-up Pawfectly Made
- ByStartupStory | April 27, 2022
Bengaluru-based D2C unicorn Licious has invested an astounding 1 Million USD in fresh pet food start-up Pawfectly Made. This is Licious’s first strategic investment, indicating expanding to markets beyond seafood and core fresh meat.
In July 2021, the company had raised 150 million USD from a group of investors a month ago, valuing the start-up at over $2.5 billion. Pawfectly Made, however, will be continuing to function as a separate entity with its own supply chain and production processes.
Licious would be acting as a strategic partner leveraging their rich & nuanced understanding of the fresh animal protein sector to scale and guide Pawfectly Made faster, the official statement said. The fresh pet food segment in the country is at an inflection point, driving both international as well as Indian players to introduce their variegated product offerings to an increasingly expanding user base.
According to research conducted by TechSci, the Indian pet food market is growing at a CAGR of 18% and is expected to reach 642 million USD by 2022 end. Despite the huge market opportunity that the industry provides, the pet food sector in India has limited choices, and customers have to be mainly dependent on pre-packaged processed food.
Pawfectly Made also claims that it has disrupted the pet food industry by introducing customisable fresh pet food made with high-quality ingredients allowing more convenient options for pet-parents to choose from.
Commenting on the investment Nichelle Kamat who holds the post of VP Category, Licious, said, “We at Licious have always been committed to building a brand synonymous with quality and freshness in seafood & meats by bolstering the industry with global standards of technology, the supply chain, sourcing.We are always equally enthused by business ideas that are complementary and adjacent to our vision of building Licious as the Everything-Meat Brand. Pawfectly Made is a good strategic fit for us, given the shared vision as well as synergies across the value chain. The investment will be giving us access to a unique consumer play as well as a product portfolio that will help complement our existing infrastructure.”
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