on Wednesday said it raised $7 million in a pre-Series A round from Sixth Sense Ventures. The Startup is engaged natural pet food business and based in Bangalore.
The investment in this sector seem to be on the rise as the coronavirus pandemic witnessed growing number of pet adoption, as social engagements have become far fewer, and staying indoors needed something that vitalize or refresh the ambience.
Research and Markets, in a report says the global pet treats market is anticipated to be worth $75 billion by 2027, and dog treats alone will account for $60 billion of the market, growing at a CAGR of about 20 percent over 2020-2027.
“Globally, petfoods is much larger than most FMCG categories like oral care and baby foods. The Indian pet food market is at a nascent stage as compared to global markets, with a potential to be 10X of its current size. Dogsee has picked a clear white space with its natural (veg) chews and pet treats as a natural replacement for hide-based chews. We like Dogsee’s approach of establishing its presence in the developed markets while tapping into the India opportunity.” Nikhil Vora, CEO, Sixth Sense Ventures, said.
Dogsee Chew employs 10,000 Farmers, taps into a huge market potential
Dogsee Chew has 30+ SKUs and a sales volume of over 100 tonnes per month. The brand is present in 5,000+ retail stores across 30 countries and in three of the world’s top 20 retail chains. It also employs an estimated 10,000 farmers — the majority of whom are from remote hilly terrains with limited employment options.
Bhupendra Khanal and Sneh Sharma, Co-founders, Dogsee Chew, Say, “We are very excited about Sixth Sense Ventures coming onboard. We look forward to leveraging their expertise in the consumer space as we work to better the quality of life for pets. Pet parents are looking for healthy food and treat options, and we are committed to delivering it with our rich expertise and research-oriented approach.”
The founders further stated , “The pet food industry presents a huge potential in India, with pet parents increasingly looking for healthy and organic dietary options. We believe that increased awareness about healthy options will only help grow the category. This investment from Sixth Sense is a validation of our work so far, and we are looking to expand and grow exponentially in the years to come.”
Dogsee Chew produces 100 percent vegetarian hard cheese dog chews. Dogsee Chew will use the investment to expand its footprint in India and other developed markets and accelerate new product development and manufacturing. The startup is Founded by husband-wife duo Bhupendra Khanal and Sneh Sharma.