The Indian company aims to strengthen its position as a domestic pet food leader.
Drools has raised $60 million (€54.9M) from investment firm L Catterton to help the company leverage its commercial network and expertise in consumer insights.
CEO Dr. Shashank Sinha tells GlobalPETS that the company plans to enhance manufacturing capabilities and upgrade existing facilities owing to an increased demand for high-quality pet food.
“The funding will also significantly bolster our marketing budget. We intend to invest in various activities to raise brand awareness and reach a wider audience”, says Dr. Sinha.
With the new capital, Drools aims to scale operations, expand its distribution network and strengthen partnerships with existing retail outlets.
As the CEO recently shared in an interview with GlobalPETS, the firm is expected to use the capital injection to expand its footprint across Asia, Europe and the US.
The company also attests to being “well-positioned” to capitalize on the growth of the luxury pet market.
First investment in India
This is L Catterton’s first investment in the South Asian nation’s pet space.
“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 [retail] channel,” says Anjana Sasidharan, a Partner in L Catterton Asia.
“A partnership like the one between Drools and L Catterton is highly significant for the Indian pet industry. It brings validation and credibility to the sector, attracting more investments and fostering innovation. The partnership will enhance market competitiveness, drive expansion and growth, and contribute to the professionalization of the industry,” adds Drool’s Dr. Sinha.
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