Drools turns unicorn after Nestle's bet - Times of India
Summary
MUMBAI: Swiss consumer goods giant Nestle has picked up a minority stake in the Indian pet food startup Drools. The Bengaluru-based company did not disclose the specifics of the deal but said it was valued at $1 billion post-investment, joining the ranks of unicorn startups. "This is a financial investment by the company, and Drools will remain strategically as well as operationally independent," Nestle said in a statement on Monday, without elaborating further.Nestles investment in Drools comes at a time when the broader pet food and pet care space in India is seeing a surge in growth, led by an expanding crop of millennial and Gen Z pet parents who do not mind paying more to provide quality nutrition and care for their pets. In India, companies like Godrej Consumer Care have also forayed into the pet care market of late.Backed by L Catterton, Drools competes with a mix of global and local pet food brands in India, including Mars PetCare and Heads Up For Tails. Drools is the fourth unicorn of the year after Netradyne, Porter, and JSW One Platforms.