Bengaluru-based Drools Pet Food raised $60 million from L Catterton (LVMH), a consumer growth investor from the U.S. The funds amount to 10% valuation of Drools, making it one of the largest investments till date in the pet care industry in India, the firm said.
The pet care market in the country is expected to reach ₹21,000 crore by 2032, growing at a CAGR of 19.2% during the forecast period of 2022 to 2032, as per market research outfit Market Decipher.
Drools currently has a wide portfolio of dog and cat food brands. With fresh funds, the company has plans to ramp up its production capacity and strengthen its distribution network globally.
