Pet grooming platform Zoivane Pets, on Tuesday said it has raised Rs 5 crore (around $6,05,063) from GVFL Ltd (formerly known as Gujarat Venture Finance Ltd) in a seed funding round.
The Surat-based startup will use the fresh funds for product development and to strengthen its workforce and marketing.
With this fundraise, Zoivane claims to have secured Rs 5.54 crore in total so far.
Founded by Nishma Singhal and Kshitij Singhal in 2019, Zoivane Pets provides products that have natural ingredients, paraben-free and are tested by vets. The brand sells its product online through its website as well as on marketplaces like Amazon, Nykaa, Myntra, Meesho, Flipkart and offline too.
“In the recent past, Zoivane Pets has dominated the Indian pet care industry…the faith that pet parents have demonstrated in Zoivane Pets primarily increased our confidence in raising funds and expanding our portfolio,” said Nishma Singhal.
“This was in line with its strategy of investing in startups that continuously innovate through research and development…Zoivane Pets is an emerging brand that has launched a number of innovative products in an affordable range for pet care and we envision to penetrate the market together,” said Mihir Joshi, president, GVFL.
In 2016, GVFL had rolled out its startup-focussed eighth fund. The fund invested in 13 startups including Frazzo, Sequretek, Pet Pooja and Qarmatek, among others.
Across its nine funds, GVFL has backed 96 companies so far.
In July, GVFL has marked the first close of its ninth fund at Rs 185 crore.
Meanwhile, the petcare space has been attracting venture capital funding.
Earlier in March, retail pet chain Just Dogs raised $7 million in a funding round from Sixth Sense Ventures.
In October last year, VCCircle had reported that Sixth Sense Ventures was in talks to invest %6-7 million in dog food company Dogsee Chew.
