Pet food brand Drools has received an investment of USD 60 million from international consumer growth investor L Catterton (LVMH), the company said in a press release on Tuesday.
The funding will be utilised to enhance manufacturing capabilities for high-quality pet food products and accelerate the company’s retail plan, it said in the release.
“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. We are keen to leverage its consumer insights, operating know-how, as well as commercial network to further strengthen our brands and recruit talent as we see many years of secular growth ahead,” said Fahim Sultan, founder of Drools Pet Food.
AdvtFurther, the pet food brand shared that it will focus on expanding its retail stores network while leveraging e-commerce channels to reach a wider customer base.
“With the support of our new partner, we will strengthen our production capabilities, expand our retail footprint, and invest in strategic marketing initiatives. This investment reflects the confidence in our business model and our commitment to providing superlative pet food products to our customers,” said Shashank Sinha, CEO and Veterinarian at the company.
Founded in 2010, the brand now exports its products to over 22 countries, including Australia, Israel, and the UAE. The company also runs on SAP, Salesforce and other technology platforms.