Drools has become India's 1st pet food unicorn
What's the story
Drools has made history by becoming India's first pet food unicorn.
The company received an investment from Nestle S.A., the parent company of Nestle India.
While the details of the investment remain undisclosed, it is confirmed that Nestle S.A will acquire a minority stake in Drools.
Despite this development, Drools will continue to operate independently both strategically and operationally.
Previous investment
Nestle's investment follows Drools's $60M fundraise
Notably, Nestle's latest investment comes after Drools raised a whopping $60 million in June 2023.
The funding was raised from L Catterton, a private equity firm backed by Louis Vuitton.
At the time, L Catterton's investment accounted for 10% of the company's valuation, making it one of the biggest investments in India's pet care industry.
Market reach
Impressive market presence
Founded in 2010, Drools has made a strong mark in the market by selling its products through over 40,000 retail outlets and exporting them to 22 countries.
The firm runs six state-of-the-art manufacturing units and has an extensive warehousing footprint of 16 lakh sq. ft., backed by a team of 3,400 employees, including 1,800 sales professionals.
Growth
Drools's future prospects
India's pet care market is among the fastest growing in the world, with Drools estimating an annual growth rate of around 20% in the next five years.
The company anticipates this will continue until it crosses over $1.2 billion by 2028.
Despite low penetration rates (only 10% of Indian households have pets), Drools sees immense potential for growth in domestic and international markets.