[Funding Alert] Pet couture startup Heads Up For Tails concludes Pre-Series A round of $10M
Delhi-based retailer of pet products Heads Up for Tails (HUFT) announced on Wednesday that it has concluded a $10 million Pre-Series A funding round. The round was led by a group of family offices, HNI's, and existing promoters.
The startup will be using the freshly raised funds to expand its retail as well as the ecommerce business.
Additionally, it announced its foray into B2B distribution through its alliance with Avanti Overseas. The alliance entails the direct distribution of global brands including Kong, Nylabone, Isle of Dog, Schesir & Pet Head.
Founded by Rashi Narang in 2008, Heads Up For Tails has grown to become synonymous with pet couture in India. In a previous interview with YourStory, Rashi mentioned her startup is growing at a record of 30 percent year-on-year and clocks in an average of 1,000 monthly customers.
Initially bootstrapped, Heads Up For Tails raised funding through two seed rounds in early February 2016 and January 2017. At present, the startup operates in 28 stores across Delhi, Bengaluru, Mumbai, Pune, Chennai and Hyderabad.
It is planning to expand its network to 50 by the end of 2020. Additionally, its ecommerce business has a client base of over 3.5 lakh customers.
Pet startups not only provide a bevvy of pet products and services, but they also keep their team and pet parents happy. The niche sector is now valued at $1.22 billion, with an annual growth of over 35 percent, according to recent media reports.
According to research curated by Indian Pet Food Market Forecast and Opportunities, the industry is expected to cross $2.7 billion by the end of this year.
Today, pet parents have a plethora of products and services to choose from, be it pet food, grooming, health or other services. Some of the prominent startups catering to these needs are DogSpot, TailsLife, DoggieTheApp, Fur Ball Story and For Love of All Pets.
(Edited by Saheli Sen Gupta)