Drools turns unicorn after Nestle picks up minority stake
MUMBAI: Swiss consumer goods giant Nestle S.A has picked up a minority stake in Indian pet food startup Drools. The Bengaluru-based company did not disclose the specifics of the deal but said that it has been valued at $1 billion post the investment, joining the ranks of unicorn startups.
'This is a financial investment by the company and Drools will remain strategically as well as operationally independent,' Nestle said in a statement on Monday, without elaborating further.
Nestle's investment in Drools comes at a time when the broader pet food and pet care space in India is seeing a surge in growth led by an expanding crop of millennial and Gen Z pet parents who do not mind paying more to provide quality nutrition and care for their pets.
Nestle has a large pet care (includes pet food) business (operates under master brand Purina) which made up about 20.7% of the company's total sales in 2024.
The pet care business recorded sales of 18.9 billion Swiss Francs during the year, according to its annual report. Purina Petcare was launched in India as a separate entity in 2017; in 2022, Nestle India acquired the pet foods business of Purina Petcare India for Rs 123.5 crore.
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In India, companies like Godrej Consumer Care have also forayed into the pet care market of late.
Backed by L Catterton, Drools competes with a mix of global and local pet food brands in India including Mars PetCare and Heads Up For Tails. Drools had last raised $60 million from L Catterton in June 2023. The company will use portions of the investment to expand in a growing market.
Founded in 2010, Drools products are distributed across more than 40,000 retail outlets and exported to 22 countries. Drools is the fourth unicorn of the year after Netradyne, Porter and JSW One. 'Backed by a strong focus on science-based nutrition, Drools continues to drive innovation and build meaningful engagement with the evolving demographic of Indian pet parents, positioning itself at the forefront of the country's pet care industry,' Fahim Sultan, founder at Drools said.
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