Will Drools become a unicorn company by 2027?
The Indian firm is the first pet company to be included in an index that tracks startups likely to reach a valuation of $1 billion or more.
Bengaluru-headquartered Drools has debuted on the ASK Private Wealth Hurun India Future Unicorn Index 2024, a report that identifies and categorizes promising startups in India likely to reach unicorn status. This means a valuation of $1 billion (€935M) or more.
The Indian firm has secured its rank of 25 out of 45 companies in the gazelles category, which features firms expected to become unicorns within 3 years. Drools is the first pet player to be included in this index.
For CEO Shashank Sinha, it is a “testament to the hard work and dedication” of the team. “This recognition fuels our passion to provide the best for our pets and reinforces our vision to become a global leader in pet nutrition,” she adds.
The index aims to highlight the players in India’s fast-growing start-up ecosystem to stakeholders like government institutions, investors and entrepreneurs. To be part of the index, companies must have a minimum valuation of $200 million (€187M).
The ambition
Earlier in the year, Drools’ CEO, Dr. Shashank Sinha, admitted to GlobalPETS that they were “actively working” toward becoming a unicorn company.
Drools raised $60 million (€54.9M) in 2023 from private equity firm L Catterton.
Since its establishment in 2010, the company has expanded its network to over 23 countries and domestic product availability in over 30,000 stores.
Drools reportedly produces 7,200 tons of pet food per month from 3 manufacturing plants. It plans to inaugurate a fourth manufacturing unit by the end of 2024.
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