The Delhi-based company Goofy Tails could raise $500,000 in a seed funding which will be used to enlarge the company’s pet food and accessories variety and to enhance all warehouses as well as the R&D department. Overall Goofy Tails also aims to grow its online market share. The funding round was conducted by Singaporean investor group BeyondSeed together with The Chennai Angels.
“We will be using the funds to acquire customers for a lifetime, engage pet parents with good quality content, provide a seamless platform experience for shoppers, and expand our product development to solve challenges that Indian pet parents are facing,” stated co-founder Kartik Gupta.
According to Gupta, there is a rising demand for healthy pet food which results in a “fierce competition”.
The direct-to-consumer (DTC) pet care industry accounts for less than 10% as measured by whole retail. Pet food snack e.g. are mainly purchased on the conventional way. The CEO of Goofy Tails though forecasts a chance for business in the future.
The company aims to increase the sales by three times in the upcoming and 2 and a half following years. In 2019, Goofy Tails has started its business concentrating o healthy pet food, accessoires and grooming products.