The Series A round also saw participation from Amitell Capital and existing investor W&C PetTech, a statement said. The funding builds on an exceptional year for the company, which despite the pandemic saw revenue growth of more than 80 percent, it added
Pet care brand Heads Up For Tails on Thursday said it has raised USD 37 million (about Rs 277 crore) in funding led by Verlinvest and Sequoia Capital India. The Series A round also saw participation from Amitell Capital and existing investor W&C PetTech, a statement said. The funding builds on an exceptional year for the company, which despite the pandemic saw revenue growth of more than 80 percent, it added. The company has previously raised about USD 13 million in funding.
‘The (latest) investment will help HUFT increase its distribution footprint across India and accelerate new product development and manufacturing,’ it said. The company, through educational content and marketing endeavors, also aims to increase awareness among existing and new pet parents on the need for pet wellness and care, it noted. Founded in 2008 by Rashi Sanon, Heads Up For Tails (HUFT) has introduced over 100 India-first products that provide innovative solutions to pet care problems and help pets lead their best possible lives.
“We aim to create products and educational material for all the needs of pets at every stage of their life. We will continue to become a permanent part of people’s lives as pet parenting partners by leveraging on our in-house expertise and experience of over 12 years of working with dogs and cats,” HUFT founder Rashi Sanon said. HUFT, which has a current team strength of 350 across functions such as marketing, product, brand, tech, and manufacturing, aims to increase its employee count to 450 (by the end of 2021).
The company also plans to introduce a line of fresh pet food across the country, as well as expand their portfolio of 10 exclusive international brands such as Pet head, Isle of Dog, and Wild Earth, it said. “India’s pet care market is valued at about USD 600 million, growing at 20 percent-plus CAGR and is likely to expand multifold over the next decade. In addition to increasing pet ownership and pet spends, this market will grow as the supply for quality products gets unlocked,’ Sakshi Chopra, Managing Director of Sequoia India, said. HUFT has the opportunity to become the destination for all things of pet care with a focus not just on commerce, but also curation, content, and consultation, she added.
PTI
Source: Business World
