Indian startup raises $500,000 in seed funding
Goofy Tails plans to use the funding to expand its pet food and accessories range and increase its market share online.
The Delhi-based company also plans to improve its warehouse across the country for faster delivery and to enhance its research and development sector.
“We will be using the funds to acquire customers for a lifetime, engage pet parents with good quality content, provide a seamless platform experience for shoppers, and expand our product development to solve challenges that Indian pet parents are facing,” said Kartik Gupta, Goofy Tails co-founder.
The seed funding round was led by BeyondSeed, a Singapore-based investor group, and The Chennai Angels, along with participation from other overseas angel investors.
DTC and revenue
Kartik Gupta explained an increasing demand in India for healthy pet food leading to “fierce competition” between players.
It is believed that the direct-to-consumer (DTC) pet care segment represents less than 10% of overall retail as pet food kibble is still mostly old offline. Still, Goofy Tails’ CEO sees a business opportunity in the near future.
The goal is to scale the company three times in the next year and 2.5 subsequent years.
Goofy Tails started operations in 2019 and focuses on fresh and healthy food, toys, accessories, and grooming products.
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