Pet treat brand Dogsee Chew said Thursday it has secured $8 million (about Rs 69 crore) in a Series B round led by Ektha.com, a Hyderabad-based company which operates in real estate and IT sectors.
The Bengaluru-based brand company’s founders and Vikas Poddar's family office, Shivanssh Holdings, also joined the round. The round takes the total amount the company has raised thus far to raised $22 million, it said in a statement.
Khanal Foods Pvt Ltd, which owns the brand, had raised Rs 50 crore ($5.7 million) in a Series A round in 2022 from Mankind Pharma and existing venture capital investor Sixth Sense Ventures.
Dogsee was founded by husband-wife duo Bhupendra Khanal and Sneh Sharma in 2015. It claims to make all-natural pet treats or chews based on Himalayan cheese. The brand is available in over 30 countries, the company said.
The company said the fresh funding will fuel its expansion to newer markets and scale up its manufacturing capabilities by expanding its existing factories and constructing a new production facility.
It is also aiming to expand into countries such as United States and Canada this year through Amazon Global.
"To make our products more accessible, we also plan to open distribution hubs in key international markets, allowing our retail partners to seamlessly access Dogsee Chews with shorter lead times," said Khanal, who is also CEO at Dogsee.
For the financial year ended March 2024, the company recorded a 44% drop in operating revenue to Rs 53.7 crore from Rs 97.4 crore in the preceding year while loss widened to Rs 27.6 crore from Rs 26.3 crore, according to VCCEdge.
