The Indian online and brick-and-mortar pet retailer Heads Up for Tails (HUFT) searches new funding for expansion and the launch of a vegan pet food. After ist founding in 2008, the company hoped to obtain US$50-$70 million. The private equity firm KKR was one of the investors but the settlement did not come off.
In a Series A funding round in 2021, HUFT has received US$37 million from Sequoia Capital and Verlinvest SA and now hopes to raise another US$10-$15 million. Moreover, the retailer though aims to obtain US$25 million from KKR.
Regarding its last year’s financials, HUFT has achieved an increase in operating revenue by 86% (US$15.1 million). However, the company has also increased its expenses by 92% to US$16.8 million due to rising costs of raw materials (+130%) which account for 60% of all expenses. Overall, HUFT has closed last year with a loss of US$1.7 million.
Although the company is just trying to receive more funding, it has already gotten in touch with 65 stores and 35 pet spas across 12 Indian cities. HUFT obtains over 60% of the total turnover from its stores.
According to the company, it is a one-stop shop for all pet care needs providing more than 5,000 products.
The company plans to launch the vegan Canadian pet food Nature’s Hug which will be available online and in-store across India. The global vegan pet food market is in upward trend expecting to reach US$31 billion by 2029 pursuant to Data Bridge Market Research.