Pet Food Company Drool Raises $60 Million From L Catterton The funding will be utilised to enhance manufacturing capabilities to meet the growing demand for high-quality pet food products
By Teena Jose •
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Pet food brand Drools Pet Food Pvt. Ltd., has raised $60 million from LVMH-backed private equity firm L Catterton. The private equity firm has invested $60 million in Drools, which amounts to 10% of the company's valuation, said to be making it one of the largest investments till date in the pet care industry in India. The funding will be utilised to enhance manufacturing capabilities to meet the growing demand for high-quality pet food products. As per the company, it will also accelerate its retail plan, bolster the marketing budget, and attract top talent to support future growth.
"At Drools, we are dedicated to driving sustainable growth that aligns with our core values. Our focus is on building a strong foundation for the future by delivering high-quality pet food products while embracing responsible business practices. 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," said Fahim Sultan, founder, Drools Pet Food Pvt. Ltd.
He further added that, "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. L Catterton's expertise and ability to create value for companies in the pet food sector is well known across the industry. 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."
According to an official release by the company, with the funding boost, Drools aims to ramp up its production capacity, streamline operations, and strengthen its distribution network. It also said that the company will focus on expanding its retail stores network while leveraging e-commerce channels to reach a wider customer base.
"What truly 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. 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," said Anjana Sasidharan, partner, L Catterton Asia.
