Heads Up For Tails starts fresh talks to raise $40 mn from new and existing backers as pet care sector thrives
Subscribe to enjoy similar stories. Bengaluru: Heads Up For Tails (HUFT) has started talks to raise $40 million from new and existing investors, three people familiar with the matter told Mint, underscoring the growth potential of the pet care sector. “The discussions are still at very early stages and depending on the deal construct, existing investors including Peak XV and Verlinvest are expected to participate in the round," one person said on condition of anonymity.
The funding is expected to be a primary round and will be used for the company’s expansion plans, the second person said, asking not to be identified. Peak XV declined to comment. Emails sent to Verlinvest and HUFT founder Rashi Narang were unanswered at the time of publication.
HUFT has been in the market to raise funds for some time now, the people added. Talks with private equity firm KKR in 2022 to raise about $50 million fell through due to a mismatch in valuation expectations. If the new capital infusion goes as planned, it will be the company’s second fundraise.
HUFT previously raised $37 million in a round led by Verlinvest and Peak XV Partners in August 2021. It also counts Amitell Capital and W&C Pet Tech among its backers, according to data from market intelligence provider Tracxn. The company planned to use the funds to expand distribution across India and accelerate new product development and manufacturing, HUFT said in a statement at the time.
Founded in 2008 by Narang, HUFT offers products ranging from human-grade, preservative-free treats to novelty items such as orthopedic beds and organic supplements. The startup has an omni-channel presence with over 70 retail outlets and 30 pet spas and its own site. The company’s operating revenue
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