Heads Up For Tails, a retailer of pet products, has raised $2 million in a pre-series-A round from a group of high networth individuals (HNIs), the company said in a statement on Monday.
“This fresh round of funding comes as a huge milestone for the brand and we look forward to using it to further enhance the end-user experience by investing in technology,” said the founder of Heads Up For Tails, Rashi Sanon Narang, in the statement.
Moreover, the company plans to use the funding for expanding business in both domestic and overseas markets. The company also plans to open more retail stores.
Owned and operated by Precious Pet Services Pvt. Ltd., Heads Up For Tails was founded by Narang in 2008. The brand sells grooming products for cats and dogs, in addition to pet food, apparel, toys and accessories. It claims to have more than 100,000 active customers.
Based on an omni-channel strategy, the company sells through its website as well as operates offline retail stores. The company also sells overseas in Singapore and the US.
Heads Up For Tails had earlier raised $1 million in seed funding from a group of unnamed investors, VCCircle had reported in February 2016.
The company competes with DogSpot, owned by PetsGlam Services Pvt. Ltd. Backed by Dheeraj Jain, partner at Redcliffe Capital, Ronnie Screwvala, K. Ganesh and early-stage investment firm India Quotient, DogSpot had most recently raised an undisclosed amount of funding from Ratan Tata, chairman emeritus of Tata Sons Ltd, in January 2016.
The pet food market in India is likely to cross $270 million by 2019 on account of an increasing number of nuclear families, particularly in urban areas, and rising per capita disposable income, according to a report by research firm TechSci Research.