Ratan Tata, chairman emeritus of Tata Sons Ltd. has recently invested in PetsGlam Services Pvt. Ltd a company that that runs online pet supplies store Dogspot.in. Tata among others has invested an undisclosed amount in the company as part of a fund-raising round.
Dheeraj Jain, partner at Redcliffe Capital, a UK-based hedge fund, existing investors Ronnie Screwvala, K. Ganesh and early-stage investment firm India Quotient were among others who invested.
The company which under its own brand presently sells treats, biscuits and grooming products aims to use the money to expand its product range. The company has so far raised around $1 million in multiple rounds from angel and seed investors.
The Live Mint reported that according to DogSpot founder Rana Atheya, the company currently gets 30-35% of its sales from private label and aims to double it in a year. The company will conduct the research and development for these products, which will be contract-manufactured by third-party units. It currently works with seven such units and will tap eight more in nine months, said Atheya.
“We see great opportunity in dog food side. The target is to offer more healthy food for pets. Private label is necessary because if I ask you to name five brands catering to these needs, it will be very difficult for you. Consumers do not have enough options in the market which leave a huge opportunity for us,” Atheya told The Live Mint. He also said that DogSpot products would stress on transparency of ingredients used in the products.
“Things like biscuits, currently available in the market are made of maida which are not good for pets. We plan to launch products made of different flours such as peanut flour, corn flour etc. The target is to have 20% market share in three-four years,” he said.
The pet food market in India is likely cross $270 million by 2019 on account of increasing number of nuclear families, particularly in urban areas and rising per capita disposable income, according to a report by research firm TechSci Research.
