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NEW DELHI: Natural pet treat brand Dogsee Chew has raised ₹50 crore in Series A-round from Mankind Pharma along with existing investor Sixth Sense Ventures, a venture capital fund.
The funds raised will be primarily 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 the husband-wife duo Bhupendra Khanal and Sneh Sharma in 2015, the pet treat brand makes vegetarian dog treats that parallel rawhide bones. The company had in November raised $7 million in its Pre-Series A funding round from Sixth Sense Ventures.
Its treats, in comparison, Khanal said, are natural, human-grade, and protein-rich, which have made them a success with pet parents. He added that it is now the country's fourth largest pet food exporter and sends out its products to 30 countries.
“Mankind pharma has an established history of creating highly successful consumer products. Having the backing of such a giant is a huge vote of confidence for us and we look forward to learning from their expertise," said Khanal.
Arjun Juneja, chief operations officer of Mankind Pharma, said, “The trust that people have shown in the brand has strengthened our confidence to invest in it. We have always believed in innovation and, with brands like ours that are innovative and young, we see the future of India."
“With their 100% Natural & Vegetarian offerings, Dogsee Chew is uniquely positioned to make the most of the current global trends in the pet care industry. We are excited to deepen our partnership with Sneh and Bhupi and are elated to be part of their journey," said Nikhil Vora, Founder & 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 that we have envisioned for the brand. “Sixth Sense Ventures has been a great partner for us. We are excited to be deepening our partnership with this round. It speaks a lot about the trust and comfort we have established between us in such a short span of time."
In the past, brands like Heads Up For Tails, Wiggles and Supertails have raised funds.
Heads Up For Tails, for instance, raised $37 million in Series A in August last year while Wiggles raised $5.5 million in pre-series A round 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 research company Euromonitor International in 2021, pet food accounted for ₹3,143.03 crore of the market whereas pet products took ₹558.96 crore of the pie. The industry grew at 15% CAGR in 2016-2021, but is now projected to grow at 30% CAGR in 2021-2026.
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