Mumbai/New Delhi: Deepika Padukone-backed petcare marketplace Supertails is in talks to raise $25 million (about ₹200 crore) from new and existing investors as part of its Series B funding.
The company is in talks with investors including RPSG Capital Ventures, the venture capital arm of the RPSG Group, to raise the capital at a valuation that ranges from $350-400 million, three people with knowledge of the development said.
The company, that has been growing exponentially in the last 12-18 months is looking to top up on capital as it enters new categories for petcare, one of the persons with direct knowledge of the company’s plans said.
In November 2022, the company had raised $10 million as part of its Series A funding round in a mix of equity and debt from investors led by Fireside Ventures. The company counts Saama Capital, DSG Consumer Partners, Titan Capital, Whiteboard Capital and angel investors including Deepika Padukone, CRED’s Kunal Shah, MamaEarth’s Varun Alagh, CureFoods’ Ankit Nagori and Alteria Capital as its other investors.
It has so far raised around $12.5 million across all funding rounds.
Founded in 2021 by Varun Sadana, Aman Tekriwal, and Vineet Khanna the company offers an e-commerce platform for petcare-focussed supplies, online vet consultations and online pet training across India.
Supertails did not respond to emailed queries and RPSG Capital Ventures spokesperson was not immediately available for comment.
“The due diligence is being carried out and the deal is likely to be closed in a few weeks,” said the second person cited above.
Media reports said the company was targeting an annualised revenue run rate of ₹150 crore for the financial year ending 31 March 2024.
Supertails competes with other VC-backed firms such as Heads up for Tails, Goofy Tails, and JustDogs, among others.
Petcare in India is a very unorganized and fragmented market. According to various estimates, currently around 25 million pets are adopted in India each year. As per a recent report by the Indian Pet Industry Joint Advisory Council (IPICA), the pet industry in India is expected to grow at a compound annual growth rate (CAGR) of 20% up to 2025-26. The industry is estimated to be worth around ₹8,000 crore, and it is expected to reach ₹20,000 crore by 2025.
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Published: 30 Jan 2024, 10:41 PM IST