Drools Pet Food, a renowned Indian brand specializing in pet food for cats and dogs, has successfully secured $60 million in funding from L Catterton, a prominent global investment firm with a focus on consumer goods and supported by LVMH. This funding marks Drools’ inaugural external round of financing and places the company’s valuation at an impressive $600 million.
Founded in 2007 by Fahim Sultan, Drools initially established its operations with a modest factory in Bihar. However, the company has experienced remarkable growth since then. Presently, Drools boasts four cutting-edge manufacturing facilities situated strategically throughout India.
In addition to its domestic operations, the company has expanded its reach internationally, exporting its high-quality products to over 20 countries worldwide.
In a recent statement released on Tuesday, Drools expressed its intention to utilize L Catterton’s industry expertise to enhance its standing as the leading domestic participant in India’s rapidly growing pet food market.
According to Fahim Sultan, the founder of Drools, the collaboration with L Catterton will herald a new era of expansion for the company. As India’s evolving pet market continues to flourish in metropolitan areas and tier 1 – 2 cities, Sultan believes that this partnership will propel Drools to greater heights.
He emphasized Drools’ unwavering commitment to sustainable growth, ensuring that it aligns with the company’s fundamental principles of providing premium pet food products and embracing responsible business practices.
The funds will be allocated towards various key initiatives to further enhance Drools’ position in the market. The company plans to optimize its existing manufacturing capabilities and address the increasing demand for premium pet food products.
Additionally, the funding will facilitate the acceleration of Drools’ retail expansion strategy, enabling the establishment of more retail stores. To fuel brand awareness and reach, a significant portion of the funding will be dedicated to bolstering the marketing budget.
Drools also aims to attract top talent to support its future growth trajectory. Moreover, the company intends to ramp up production capacity, streamline operations, and reinforce its distribution network. By leveraging e-commerce channels, Drools seeks to extend its reach to a broader customer base while expanding its retail presence.
Anjana Sasidharan, a partner at L Catterton, highlighted the distinctive aspect of Drools, emphasizing its capability to produce top-notch products that cater to a wide range of price points. She commended Drools for ensuring accessibility of their offerings to pet parents through various relevant channels.
Sasidharan also noted that L Catterton’s reputation for creating value in the pet food sector is widely recognized throughout the industry, indicating the potential benefits of their expertise for Drools.
Expressing enthusiasm about entering India’s pet food market at a pivotal moment, Anjana said she eagerly anticipates collaborating closely with the Drools team to drive the expansion of their business.
L Catterton aims to leverage its expertise to support Drools in scaling their operations and capitalizing on the opportunities presented by the evolving pet food market in India.
On a global scale, L Catterton has made investments in various brands within the pet food industry, including Butternut Box, Canidae, and Harringtons. These strategic investments demonstrate L Catterton’s active involvement and interest in partnering with reputable companies within the pet food sector.