Pet Food Startup Drools Secures $60 Million From Investment Firm L Catterton

Drools Pet Food Pvt Ltd said on Tuesday that company has received $60 million in capital from investment firm L Catterton. The investment represents 10% of the company's capitalization.

The funds will be used to improve the company's manufacturing capabilities, expedite store development ambitions, boost marketing, and recruit new employees, according to Drools.

"This collaboration will usher in a new era of growth as India's developing pet market matures across metros, Tier-1, and Tier-2 cities." This fundraising milestone allows us to further cement our market position and continue our path towards making a good influence in the pet food industry," stated Fahim Sultan, Founder of Drools Pet Food.

"As we see many years of secular growth ahead, we are eager to leverage its (L Catterton's) consumer insights, operational know-how, and commercial network to further strengthen our brands and recruit talent," he added.

Drools, which Sultan founded in 2010, now has a 38% market share in the Indian pet food market. The firm currently exports its products to 22 countries, including Australia, Israel, and the United Arab Emirates. It also intends to enter the Russian market this year, as well as the US market in the near future.

“With the support of our new partner, we will strengthen our production capabilities, expand our retail footprint, and invest in strategic marketing initiatives. This investment reflects the confidence in our business model and our commitment to providing superlative pet food products to our customers," said Dr Shashank Sinha, CEO and Veterinarian, Drools Pet Food.