Drools Pet Food on Tuesday said it has received funding of around USD 60 million (about Rs 490 crore) from L Catterton.
    
Urbanisation, coupled with housing units getting smaller, is expected to help the pet food market grow 20 per cent every year to be a USD 1.2 billion opportunity by 2028, as per a statement.
    
Rising income levels and the increasing humanisation of pets are also leading pet owners to spend more on their pets, especially on buying packaged food instead of preparing home-cooked meals, it added.
    
Drools, which makes food for cats and dogs, has almost quadrupled its revenue over the past three years by building an omnichannel pan-India pet food business, it said. 
    
The country's pet food market is at an inflection point, Anjana Sasidharan, a partner in L Catterton Asia, said, adding that Drools sells online through platforms like Amazon and Flipkart, and also from over 34,000 points of sale, spanning specialty vet shops, veterinary clinics and general trade stores.
    
India's developing pet market continues to mature across metros and Tier 1-2 cities, Drools' founder Fahim Sultan said, adding that the company has built a strong foundation for the future by embracing responsible business practices while delivering high-quality pet food products.