The realm of pets has undergone a remarkable transformation in India, exemplifying the deep bond people share with their animal companions. India’s pet population, estimated at around 32 million, is steadily expanding at an annual rate of 11 percent. Capitalising on this surge in pet ownership, 70 new pet care companies have emerged over the past two years, according to the Decipher report.
As people increasingly invest in pet care products and services, the appetite among investors for this burgeoning sector is also on the rise. Between 2021 and 2022, the industry attracted investments totalling $77 million, as reported by Venture Intelligence. Notably, L Catterton, a global player in pet food investments, has ventured into the Indian pet food market with a record-breaking $60 million investment in Drools.
Shashank Sinha, CEO of Drools Pet Food said, “We were the first Indian brand to make inroads into the category which was crowded by Western brands and imported products. The investment has brought a lot of credibility to the brand and the business that has been built. The investment will go into building better capabilities, infrastructure, warehousing, supply chains, international expansions and into category to reduce the knowledge gap.”
As people increasingly invest in pet care products and services, the appetite among investors for this burgeoning sector is also on the rise. Between 2021 and 2022, the industry attracted investments totalling $77 million, as reported by Venture Intelligence. Notably, L Catterton, a global player in pet food investments, has ventured into the Indian pet food market with a record-breaking $60 million investment in Drools.
Shashank Sinha, CEO of Drools Pet Food said, “We were the first Indian brand to make inroads into the category which was crowded by Western brands and imported products. The investment has brought a lot of credibility to the brand and the business that has been built. The investment will go into building better capabilities, infrastructure, warehousing, supply chains, international expansions and into category to reduce the knowledge gap.”