Largest Brazilian media group enters the pet industry
Globo, owner of the most-watched television channel in the country, is now a shareholder at online retailer Petlove.
The partnership with Grupo Globo reinforces the mission of the São Paulo-based e-commerce platform to “democratize and simplify pet care.”
“Through this initiative, we were also able to fulfill another of our purposes as a company, which is to bring the affordable prices of Petlove products and services to millions of tutors and pets,” said CEO Talita Lacerda.
The investment will be made by Globo Ventures, a unit that researches and indicates new business opportunities for shareholders. The transaction amount has not been disclosed.
Eyeing new businesses
Grupo Globo, headquartered in Rio de Janeiro, wants to increase its areas of operation in new businesses. In recent years, it invested in food delivery apps and credit card machines and is now betting on the pet market.
The media company owns the public license of the television channel that leads the audience in Brazil, in addition to a strong streaming platform with series, soap operas, and documentaries.
Petlove, launched in 2012 and the first e-commerce platform for pets in Brazil, completed an investment round less than a year ago when the company was valued at R$3.5 billion (reais), amounting to $650 million.
A few months ago, Petlove opened its first physical store in São Paulo to gain offline market share.
According to the company, it has more than 1 million subscriptions from customers who make recurring purchases, corresponding to more than 80% of its activity. The retailer’s revenue reached R$800 million ($147.8 million) in 2021.
Share this story:
