NEW DELHI: Natural pet treat brand Dogsee Chew has raised ₹50 crore in Series A from Mankind Pharma with existing investor Sixth Sense Ventures, a venture capital fund.
The funds raised will be mainly used for brand building, research and building a strong distribution network.
This marks Mankind Pharma’s entry into the pet food category. Sixth Sense Ventures had also participated in the company’s pre-Series A funding in November 2021.
Founded by husband-wife duo Bhupendra Khanal and Sneh Sharma in 2015, the pet treat brand makes vegetarian dog treats that look like rawhide bones. The company had raised $7 million in its pre-Series A funding round from Sixth Sense Ventures in November.
Her treats, by comparison, Khanal said, are natural, human-grade and high in protein, which has made them a hit with pet parents. He added that he is now the fourth largest pet food exporter in the country and ships his products to 30 countries.
“Mankind pharma has an established history of creating highly successful consumer products. Having the support of such a giant is a huge vote of confidence for us and we look forward to learning from their expertise,” Khanal said.
Arjun Juneja, Chief Operating Officer of Mankind Pharma, said, “The trust people have placed in the brand has boosted our confidence to invest in it. We have always believed in innovation and with brands like ours being innovative and young, we see the future of India.”
“With its 100% natural and vegetarian offerings, Dogsee Chew is uniquely positioned to make the most of current global trends in the pet care industry. We are thrilled to deepen our partnership with Sneh and Bhupi and are thrilled to be part of their journey,” said Nikhil Vora, Founder and CEO of Sixth Sense Ventures.
Sharma of Dogsee Chew added: “With Mankind, we share the common DNA of innovation. We are confident that with their support we will be able to develop the niche we have envisioned for the brand. “Sixth Sense Ventures has been a great partner for us. We’re excited to deepen our partnership this round. It speaks volumes about the trust and comfort we’ve built between ourselves in such a short time.”
In the past, brands like Heads Up For Tails, Wiggles and Supertails have raised funds.
Heads Up For Tails, for example, raised $37 million in Series A in August last year, while Wiggles raised $5.5 million in pre-Series A led by Anthill Ventures in October. Supertails raised $2.6 million and an additional undisclosed amount in a pre-series round in July.
According to the research company Euromonitor International in 2021, pet food accounted for ₹3,143.03 crore from the market as pet products took ₹558.96 crore from the cake. The industry grew at a CAGR of 15% in 2016-2021, but is now expected to grow at a CAGR of 30% in 2021-2026.
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