Tata Sons Chairman, Ratan Tata, invested an undisclosed amount in tech startup Dogspot.in. Dogspot is an online community for dog owners to interact and buy pets, supplies, and merchandise. Ronnie Screwvala’s Unilazer Ventures, Ashok Mittal, Rishi Parti, Dheeraj Jain and Abhijeet Pai also invested in the same round.
Rana Atheya, Co Founder of Dogspot stated that the investment by Mr Tata was an endorsement of the long-held belief and our investors that the Indian pet care sector is going through a phase of huge growth and transformation.
The funding will be used to create new products for the website, add more sections to it and expand its team. Last year, the company changed its model from eCommerce to selling their own products.
Even Ronnie Screwvala explained that they invested in the pet online market as they believe the market will gain pace as their is a paradigm shift in the shopping behaviour of the country. He said, “the pet market in India will explode in the next five years as the country further urbanises.”
According to IIPTF (Indian International Pet Trade Fair) – Euromonitor International has projected India to be the fastest growing pet market, and as the market rises it gives rise to the demand of pet food, health products and pet accessories. Also the website quoted “Forecast sales for dog and cat food in 2016 is $102.89 million.”
In December 2013, the company also raised $5 million from early-stage investment fund India Quotient. There are many websites that offer pet food, even the eCommerce giants Amazon are also selling pet food online. Other competitors include pupkart.com, petclubindia, headsupfortails, petsgonuts etc.Category Investments News