Precious Pet Services Pvt. Ltd, which runs pet products and care portal Heads Up For Tails, has raised $10 million (Rs 71.33 crore at current exchange rates) in a pre-Series A funding round.
The company said in a statement it raised the money from a clutch of family offices and high net-worth individuals (HNIs). It didn’t name the investors. The founders also put in fresh capital.
This funding round takes the total money the company has raised so far to $13 million.
The company had raised $2 million (Rs 13.6 crore) from a group of HNIs in January 2017 to upgrade its technology and expand its footprint in the country and overseas, through both online and offline channels. In 2016, it had secured $1 million.
The Delhi-based company said it will use the fresh capital to expand its retail and e-commerce business. It will also expand into the business-to-business segment by tying up with Avanti Overseas, which makes and exports pet products.
“The alliance entails the direct distribution of global brands such as Kong, Nylabone, Isle of Dog, Schesir & Pet Head,” the company said in the statement.
The company said it believes the pet market will continue to grow 25-30% annually and that it will be able to tap into the market potential offered by this growth.
Founded in 2008 by Rashi Sanon Narang, the company operates 28 stores across Delhi, Bengaluru, Mumbai and Hyderabad. The company says it is looking to expand its footprint to 50 cities by the end of 2020.
It claims its e-commerce business has three-and-a-half lakh customers. The portal offers fashionable products for dogs and cats, as well as treats and other pet foods. It also allows its customers to personalise their purchases.
Other companies in the pet products segment that have raised funding in recent years include online pet store DogSpot.in and pet care startup PetSutra.
DogSpot, operated by Gurugram-based Petsglam Services Pvt. Ltd, had raised an undisclosed amount from Ratan Tata, chairman emeritus of Tata Sons, in 2016. PetSutra, operated by PetBuddy Products Pvt. Ltd, had mopped up Rs 95 lakh in an angel funding round last year.