Latest news with #LVMH-backed
Mint
26-05-2025
- Business
- Mint
Nestle SA picks up minority stake in Indian pet food company Drools
New Delhi: Swiss food giant Nestle SA, the parent company of Nestle India, has made a minority investment in the Indian pet food company Drools Pet Food Private Limited. The financial details of this investment, Nestle SA's first in India, were not disclosed. Nestle SA owns popular brands such as Kit Kat and Milo. Drools will remain operationally independent after the investment, according to a statement released on Monday. The investment follows a $60-million fundraise by the company in 2023 from LVMH-backed private-equity firm L Catterton. The firm's investment in Drools amounted to 10% of the company's valuation at the time, making it one of the largest investments in the Indian pet care industry. Founded in 2010 by Fahim Sultan, Drools sells high-protein and prescription diets for pets. Its products are distributed across more than 40,000 retail outlets and exported to 22 countries. The company operates six manufacturing units and has a large warehousing footprint. It is also a key player in India's cat food market and a leading seller on e-commerce platforms including Amazon. Nestle has a large pet food business. In 2024 its pet care business reported 18.9 billion Swiss francs in sales, accounting for 20.7% of the company's total sales that year. It sells pet food for dogs and cats under brands such as Purina and Felix, according to the company's 2024 annual report. Purina Petcare was launched in India in 2017, albeit as a separate entity. In 2022 Nestle India acquired the pet food business Purina Petcare India for an estimated ₹ 125.3 crore to operate and scale the brand in India. Pet ownership in India surged during the pandemic as people were confined to their homes. The country now has an estimated 100 million pets, including 30 million in households. The pet food market, currently valued at $551 million, is projected to reach $1.8 billion in the next seven to eight years. The broader pet care sector has seen a rise in homegrown brands selling food, toys and accessories. Last August consumer products company Godrej Consumer Products Ltd (GCPL) announced plans to enter the pet food market in FY26 with the launch of its subsidiary Godrej Pet Care. GCPL will invest ₹ 500 crore in Godrej Pet Care over the next five years, partnering with Godrej Agrovet Ltd (GAVL) for manufacturing and R&D, the company said at the time. Other major pet food sellers include Mars Pet Nutrition, the maker of Pedigree and Royal Canin, and Nestle India. Anjana Sasidharan, partner and head of India at L Catterton, said, 'Drools has achieved significant growth since we invested in the company two years ago, through high-quality in-market agility and execution, and a range of operational initiatives we have been working on with its management team to create value. We are thrilled that Nestle, which has such a renowned position in the global pet care and consumer brands space, joins as a minority partner.' Fahim Sultan, founder of Drools Pet Food, said, 'This is a testament to the love and trust of millions of pet parents and to our unwavering commitment to quality… 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.'
Mint
05-05-2025
- Business
- Mint
These startups are drawing investor interest amid a growing tribe of pet parents
Mumbai: Urban India's pet parents are driving a wave of investor interest in the pet care space. A clutch of startups such as Heads Up For Tails, Supertails, and Vetic are now in fundraising talks amid rising demand for premium products and services. While Supertails looks to raise about ₹ 200 crore by the end of this year, Heads Up For Tails is eyeing an investment from domestic investment firm 360 One Asset over the next few months, according to multiple people familiar with the matter. Vetic, a tech-enabled chain of pet clinics, is looking to raise a sizable round and has begun discussions with investors, they said, adding that some of these transactions may see existing investors part exit their stake. Supertails and Vetic did not immediately respond to Mint's requests for a comment. While 360 One declined to comment, Heads Up For Tails' founder Rashi Narang denied the development. Investor interest in India's pet care industry surged in the years following the pandemic, driven by a wave of new pet adoptions and rising disposable incomes. In 2023, pet care startups raised a record $66.3 million across 16 rounds, led by one major transaction—Drool's $60 million fundraise. While 2023 saw a funding spike driven by Drool's large deal, overall funding activity in 2024 was more broad-based, with fundraising at $17.9 million spanning 13 rounds, as per Tracxn. 'Pet ownership in India is estimated to be less than 10% of overall households, but growing at a rapid pace with rising incomes, especially among urban consumers. In developed economies, pet ownership can exceed three in four households, and that headroom for growth is reflected among the upper income segments in India," said Devangshu Dutta, chief executive of Third Eyesight, a management consulting firm. He added that urban couples and singles in many cases are even opting to become 'pet parents" instead of having children. Platforms such as Supertails, Drools and Heads Up For Tails have been the big beneficiaries of this shift. Drools raised $60 million from LVMH-backed private equity firm L Catterton in 2023, while Supertails raised $15 million led by RPSG Capital Ventures in February last year. Earlier this year, Mint reported that Heads Up For Tails has begun fresh talks to raise $40 million from new and existing investors such as Peak XV and Verlinvest, about four years after its last institutional round. While the exact size of the round is still being decided, the company intends to use the proceeds towards its expansion plans. Similarly, Supertails, which is in talks to acquire Blue 7 Vets, a multispecialty veterinary clinic as part of its strategy to expand its offline presence, will also raise capital to fund the acquisition of new customers, investments in technology, and the expansion of healthcare services, including Supertails Pharmacy and build an omnichannel experience for consumers. The company raised about $15 million in its series B funding round last year led by RPSG Capital Ventures and existing investors Fireside Ventures, Saama Capital, DSG Consumer Partners and Sauce VC. Meanwhile, Vetic, which raised $3.7 million in a seed funding round led by angel investor Lachy Groom in 2022, aims to further bolster its geographical expansion of its clinic network across Delhi NCR and Bangalore regions. Vetic's round also saw participation from other angel investors including Utsav Somani, partner, AngelList India; Nitin Saluja, founder of Chaayos; Ritesh Agarwal, Abhinav Sinha, and Maninder Gulati of Oyo; Shiva Singh Sangwan, founder of 1947 Rise; Revant Bhate, CEO of Mosaic Wellness. Also Read: Four legged influencers are becoming pet care industry's marketing mavericks 'Consumers are not only spending more money or buying products and services but also becoming conscious of quality and the differentiation between brands on offer, much as they would with products that they buy for themselves and their family members," Third Eyesight's Dutta said. 'The spend on pet food, pet products and care services is growing… These trends have resulted in a growing number of companies entering the market and covering different segments of products and services," Dutta said. Currently valued at $3.5 billion, India's pet care industry is expected to grow significantly in the coming years, according to a report by Redseer Strategy Consultants in October 2024. As more pet parents focus on their pets' well-being, the demand for premium, specialized offerings will continue to rise, the report said, adding that the market's growth trajectory presents opportunities for both established players and new entrants to tap into this dynamic sector.
Business Mayor
01-05-2025
- Business
- Business Mayor
High gold prices dim Akshaya Tritiya sales: Volume likely down by 30%, but value sales expected to rise 15-25%
Kolkata: Soaring gold prices dampened festive buying this Akshaya Tritiya, with preliminary estimates indicating that volume sales may have declined by about 30% compared to last year, jewellers said. In value terms, however, sales may be up 15-20%, they added. Total gold sales in the country on Wednesday are expected to reach around 17.5-18 tonnes, down from 25 tonnes on last year's Akshaya Tritiya, according to the India Bullion & Jewellers Association (IBJA). Akshaya Tritiya, an auspicious day in the Hindu and Jain calendars, is traditionally associated with buying gold and other precious metals, believed to bring prosperity and good fortune. 'Report trickling in from different parts of the country indicates that the demand remained muted in most parts of the country except South India,' said Surendra Mehta, national secretary of IBJA. 'People have bought smaller denominations of gold coins to keep the tradition of gold buying on Akshaya Tritiya. Volume demand is down by 30% compared to last year,' he said. Gold price on Wednesday was hovering around ₹95,689 per 10 grams in the physical market. At the retail end, the price was ₹98,469 per 10 gm with a 3% goods and services tax (GST). If we compare the gold price with last year's Akshaya Tritiya, prices have surged by 31%, Mehta said. Silver demand, meanwhile, remained subdued on Wednesday despite its price having dropped 16% since the start of 2025. Read More LVMH-backed Moet Hennessy enters still wines segment Gold prices have surged by close to 25% during the same period. South India-which accounts for more than 40% of the 800-850 tonnes of annual gold consumption in the country-saw comparatively better demand on Wednesday. 'Plain gold jewellery sales have gone up by 15% on Akshaya Tritiya day in volume terms compared to last year,' said Baby George, chief executive of Thrissur-headquartered jewellery chain Joyalukkas. 'Diamond-studded jewellery has gone up by 25% by value, compared to last year. Our overall sales are up by 30% this Akshaya Tritiya as compared to last year.' Jewellers said gold coins and studded jewellery drove demand on Akshaya Tritiya. 'Young buyers are opting for daily-wear lightweight jewellery,' said Colin Shah, managing director of Mumbai-based Kama Jewelry. 'Overall, there's a rise of approximately 10-15% in value terms as compared to last year. Volume was, however, down 15-20% on Wednesday.'
Fashion Network
28-04-2025
- Business
- Fashion Network
Colourant specialist Sparxell gets key fashion innovation recognition
LVMH-backed eco tech developer start-up Sparxell has received two prestige international sustainability awards. The UK company has been named among the prestigious 'ChangeNow Change 100' winners for 2025, joining 'a definitive list of the top sustainability start-ups to watch this year'. And during the recent ChangeNow summit in Paris, the company was additionally awarded the jury's 'Coups de Cœur' recognition in the fashion category, highlighting its game-changing potential to transform the fashion industry'. Sparxell, a University of Cambridge spin-out and 'developer of the world's first high-performance, plant-based colourant technology', joins an elite group 'demonstrating exceptional impact potential, scalability, and business viability while creatively rethinking industry standards'. It said this latest achievement reinforces its 'growing momentum as it transforms the $48 billion global colourants market with its revolutionary 100% plant-based, high-performance biodegradable colour platform'. Dr Benjamin Droguet, founder and CEO of Sparxell said the two recognitions 'validate our mission to revolutionise how industries approach colour. 'This comes at a pivotal moment as we scale our technology to transform how the entire fashion industry approaches colour. Through this innovation, we're not just creating sustainable products - we're helping shape a world where beautiful, high-performance materials work in harmony with nature rather than against it.' This recognition comes as Sparxell recently secured a €1.9 million grant from the European Innovation Council (EIC), adding to investments from the L'Oréal-backed Circular Innovation Fund and support from Innovate UK. It has also established partnerships with luxury brands under LVMH's La Maison des Startups.
Fashion United
28-04-2025
- Business
- Fashion United
Plant-based colourant manufacturer Sparxell wins ChangeNow ‘Coups de Cœur'
Sparxell, an LVMH-backed, plant-based colourant tech firm, has won ChangeNow's 'Coups de Cœur' recognition award in the fashion category, and has further been named among the organisation's Change100 winners for 2025. The list, a round up of the top sustainability startups to watch this year, evaluates solutions based on their positive impact addressing the UN's Sustainable Development Goals, while the award then intends to highlight the firm's 'game-changing potential to transform the fashion industry'. The honours were announced at the ChangeNow Summit in Paris on April 25, where results were revealed on the basis of decisions made by a panel of experts. In a statement, founder and CEO of Sparxell, Benjamin Droguet, said the recognitions validated the company's 'mission to revolutionise how industries approach colour'. Droguet continued: "This comes at a pivotal moment as we scale our technology to transform how the entire fashion industry approaches colour. Through this innovation, we're not just creating sustainable products—we're helping shape a world where beautiful, high-performance materials work in harmony with nature rather than against it." Sparxell has been growing rapidly since its founding in 2022, aligning with increased demand for more eco-friendly solutions in colourants. The company, which recently secured a 1.9 million euro grant from the European Innovation Council, already works with the likes of LVMH on strategic partnerships with luxury brands.
