D2C unicorn Licious invests $1 mn in pet food start-up Pawfectly Made

Bengaluru based D2C unicorn Licious has invested $1 million in fresh pet food start-up Pawfectly Made, its first strategic investment, indicating expanding to markets beyond the core fresh meat and sea food. In July last year, Licious had raised $150 million from a clutch of investors a month ago valuing the start-up at more than $2.5 billion.

Pawfectly Made, however, will continue to function as a separate entity with its own production processes and supply chain, as Licious comes in as a strategic partner leveraging their rich & nuanced understanding of the fresh animal protein sector to guide and scale Pawfectly Made faster, the statement said.

The fresh pet food segment in India is at an inflection point, driving both Indian and international players to introduce their variegated product offerings to a fast-expanding user base.

According to TechSci Research, the Indian pet food market is growing at a CAGR of 18 per cent and is expected to reach $642 million by 2022 end. Despite a huge market opportunity that the industry provides, the pet food sector in India has restricted choices and customers have to be largely dependent on pre-packaged processed food.

Pawfectly Made claims that it has disrupted the industry by introducing customisable fresh pet-food made with high-quality ingredients allowing convenient options for pet-parents to choose from.

"We at Licious have always been committed to building a brand synonymous with freshness and quality in meats & seafood by bolstering the industry with global standards of sourcing, supply chain and technology. We are equally enthused by business ideas that are adjacent and complementary to our vision of building Licious as the Everything-Meat Brand. Pawfectly Made is a good strategic fit for us given the shared vision and synergies across the value chain. The investment will give us access to a unique consumer play and product portfolio that will complement our existing infrastructure,” Nichelle Kamat, VP Category, Licious, said.