Licious announced today that it has invested $1 million in a Bengaluru-based fresh pet food startup, Pawfectly Made. Pawfectly Made will continue to function as a separate entity with its own production processes and supply chain, as Licious comes in as a strategic partner leveraging their rich and nuanced understanding of the fresh animal protein sector to guide and scale Pawfectly Made faster, the company said in a statement.
The fresh pet food segment in India is at an inflection point, driving both Indian and international players to introduce their variegated product offerings to a fast-expanding user base.
According to TechSci Research, the Indian pet food market is growing at a CAGR of 18 percent and expected to reach $642 million by 2022 end. In spite of the growth opportunity that the industry provides, the pet food sector in India has restricted choices and customers have to be largely dependent on pre-packaged processed food.
Nichelle Kamat, VP-Category, Licious, said, "Pawfectly Made is a good strategic fit for us given the shared vision and synergies across the value chain. The investment will give us access to a unique consumer play and product portfolio that will complement our existing infrastructure.”
