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L Catterton to pick up minority stake in pet-food company Drools for $60 million

Money Control

Money Control · 2y ago

L Catterton to pick up minority stake in pet-food company Drools for $60 million

Private equity firm L Catterton is set to acquire a minority stake in pet food company Drools for $60 million. The investment will enable Drools to expand its market presence and enhance its product offerings. L Catterton's investment highlights the growing interest in the pet food industry and the potential for further growth and development in the sector.

Related News

Pet food brand Drools claims unicorn status after minority stake by Nestlé

Entrackr

Entrackr · 7m ago

Pet food brand Drools claims unicorn status after minority stake by Nestlé Drools Pet Food Private Limited claims it has become India’s first pet food unicorn following a minority investment by Nestlé S.A., the parent company of Nestlé India. Drools has not disclosed the details of the transaction but will continue to operate independently post-investment. The deal gives Nestlé access to India’s growing pet food market, while Drools is expected to continue expanding in both domestic and international markets. Drools, with brands like Pure Pet, Meat Up, Canine Creek, and Kitty Yum, claims to be the top seller in the pet food category on Amazon. The company operates fully online and also sells offline, including vet clinics, pet stores, and general trade retailers. Founded by Fahim Sultan in 2010, Drools operates six production facilities and has a warehousing footprint of 1.6 million square feet. The company distributes its products through 40,000 retail outlets in India and exports to 22 countries. It employs 3,400 people across its operations. Earlier in June 2023, Drools had raised $60 million in funding from private equity firm L Catterton at a valuation of $600 million. The round was one of the largest investments in the pet care industry in India. For the fiscal year ending in March 2024, Drools’ revenue from operations jumped 50% to Rs 714.90 crore from Rs 474.62 crore in FY23. The company however reported a net loss of Rs 14 crore in FY24 against Rs 27.65 crore profit in the previous fiscal year. Drools becomes the fourth startup to enter the unicorn club in 2025. Netradyne and Juspay reached the milestone in January and April, respectively, while Porter recently joined the list after raising $200 million in a Series E round at a valuation exceeding $1 billion.

L Catterton to step up India focus over 2 yrs

Livemint

Livemint · 2y ago

L Catterton to step up India focus over 2 yrs

Consumer-focused private equity fund L Catterton, backed by LVMH, plans to increase its investments in India over the next 12-24 months. The company is seeking opportunities in various consumer sub-segments and aims to write checks of $25-150 million for growth-stage startups. L Catterton has already invested in companies such as Reliance Jio Infocomm, Sugar Cosmetics, and Drools Pet Food. The firm is attracted to India's rapid economic growth, with 60% of the GDP driven by consumption. It is particularly interested in sectors like beauty, personal care, food and beverages, and travel.

Bottomline: Drools Pet Food crosses $100 mn in revenue but margins under pressure

VCCircle

VCCircle · 8m ago

Bottomline: Drools Pet Food crosses $100 mn in revenue but margins under pressure

Drools Pet Food Pvt Ltd, supported by L Catterton, is estimated to have exceeded $100 million in revenue for FY25. Despite achieving substantial sales growth and maintaining double-digit revenue growth, the company's profitability is likely under pressure due to rising input costs, ongoing capacity expansion, and debt obligations. The Chhattisgarh-based pet food manufacturer faces challenges in balancing revenue growth with maintaining healthy profit margins.

Butternut Box Secures $354 Million in Funding for Subscription Dog Meals

Robots · 2y ago

Butternut Box Secures $354 Million in Funding for Subscription Dog Meals

Butternut Box, a UK-based startup specializing in healthy dog food, has raised £280 million ($354 million) in funding from General Atlantic and L Catterton. The company offers high-quality, customizable dog meals, snacks, and supplements, emphasizing pet nutrition and convenience. With plans for expansion across Europe, Butternut Box aims to address pet obesity concerns and meet the demand for healthier pet food options. The investment highlights the growth of the pet industry, with the broader pet food market expected to reach $100 billion by 2022.

Chinta Bhagat steps down as L Catterton's Asia managing partner

VCCircle

VCCircle · 1y ago

Chinta Bhagat steps down as L Catterton's Asia managing partner

Chinta Bhagat has resigned as the co-managing partner and head of Asia funds at L Catterton, a prominent US private equity firm. After spending nearly five years in the position, Bhagat has now transitioned into a senior advisory role within the company. During his tenure, L Catterton has invested in various Indian businesses, including the telecom company Jio and pet food ventures.

Flipkart’s Q-Commerce Vertical Minutes To Out Run Rivals In Non-Metros: Drools’ Shashank Sinha

Inc42 · 1y ago

Flipkart’s Q-Commerce Vertical Minutes To Out Run Rivals In Non-Metros: Drools’ Shashank Sinha

The CEO of a pet food brand, Drools, believes Flipkart's quick commerce platform, Minutes, will be more successful than other similar services in smaller towns and cities. Despite the platform currently being limited to parts of Bengaluru, Drools has partnered with Flipkart's quick commerce arm. The CEO also mentioned that although they aim to take advantage of the quick commerce trend, 60% of the company's operations are still conducted offline.

L Catterton Acquires Minority Stake in Haldiram’s

StartupTalky

StartupTalky · 10d ago

L Catterton Acquires Minority Stake in Haldiram’s

L Catterton, a consumer-focused investment firm, acquired a minority stake in Haldiram's, an Indian packaged ethnic foods brand, forming a strategic partnership to enhance Haldiram's global growth. The partnership provides Haldiram’s access to L Catterton's consumer sector expertise and networks. The investment will support talent and supply chain development, brand building, and geographic expansion, bolstering Haldiram’s international presence. This follows Haldiram's merger approval by the National Company Law Tribunal, potentially preceding a public listing.

VCs sniff opportunity as petcare expands beyond food

Economic Times

Economic Times · 7m ago

VCs sniff opportunity as petcare expands beyond food

The petcare industry in India is booming, driven by increased pet adoption during the pandemic and the expansion of petcare services. This growth has attracted significant investment, with major firms like Nestlé investing in pet food brand Drools, making it a unicorn. Startups such as Supertails and Vetic are raising funds as the market, valued at $3.5 billion, is expected to double by 2028. Non-food pet products are experiencing rapid growth, surpassing traditional pet food sales.

Exclusive: Heads Up For Tails to raise $25 Mn in Series B led by Apparel Group

Entrackr

Entrackr · 5d ago

Exclusive: Heads Up For Tails to raise $25 Mn in Series B led by Apparel Group

Exclusive: Heads Up For Tails to raise $25 Mn in Series B led by Apparel Group Premium pet care startup Heads Up For Tails is in the final stages of raising $25 million in its Series B round, two people aware of the development told Entrackr. “The round is being led by Apparel Group India (AGI), the Indian arm of Dubai-based retail major Apparel Group, with participation from Malinea Pte Care Limited,” said one of the sources requesting anonymity. “The terms of the transaction have been finalised, and the money is set to flow in over the next few weeks,” said the source quoted above. “The firm has reached an annual revenue run rate (ARR) of Rs 400 crore.” Heads Up For Tails’ CEO Samarth Narang declined to comment on the story. According to sources, the company is planning an expansion into Dubai, which would mark its third major presence in the Asian region after India and Singapore. Heads Up For Tails is a premium D2C pet care brand offering food, treats, accessories, and grooming products. It sells through its own website, online marketplaces and a growing offline network, listing over 13,000 products from 250 plus brands, with a presence across 18 plus cities through 115 stores and 95 pet spas. According to data from startup intelligence platform TheKredible, the Gurugram-headquartered company has raised around $40 million prior to this round, including a $37 million Series A led by Peak XV Partners (formerly Sequoia Capital India) and Verlinvest in 2021. The latest round comes amid renewed investor interest in India’s pet care sector, spanning food, services, and healthcare. Gurugram-based pet healthcare platform Vetic is in process to raise $26 million in a Series C led by Bessemer Venture Partners, while Bengaluru-based Supertails is in talks to raise $15-20 million. On the nutrition side, Drools entered the unicorn club after global FMCG major Nestlé acquired a minority stake.

L Catterton's India fund raises $200 million in first close

Economic Times

Economic Times · 3m ago

L Catterton's India fund raises $200 million in first close

L Catterton's India fund raised $200 million in its first close, targeting a total of $400 million, with a focus on mid-market consumer companies. The fund, in partnership with Sanjiv Mehta, aims to invest in food, beverage, healthcare, retail, and consumer brands. Initial commitments came from the International Finance Corporation and Kotak Mahindra Bank clients. The fund's first investment supported the healthy snack company, Farmleys. L Catterton manages $37 billion globally in various sectors.

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