Bengaluru-based Floap, a tech enabled platform for pet owners and pet service providers, has raised an undisclosed amount in seed funding from a clutch of global and Indian angel investors, who will also be advising Floap’s management team in strategy and growth, reported Business Line.
The investors who contributed in funding include Shabir Momin, serial entrepreneur and Managing Director and Chief Technology Officer of Zenga TV; Rohit Nanda, a Singapore-based equity investor; Priyadarshi Mohapatra, currently holding a senior leadership position at Microsoft, India and Saurabh Pathak, founder of Digital Democracy and Cafe Gurukul.
The startup will use the funding to scale up its business
Founded in May last year, by Shruthi Nithin, Floap (For Love of All Pets) is a platform for pet owners and pet service providers across India to connect and help each other.
According to Floap website, its database contains hundreds of verified listings for services that will assist a pet parent from the moment they decide to own a pet, such as adoption centres, training providers, breeders, veterinarians, pet sitters, and more.
The startup offers subscription packages to make it easier for pet parents to avail the services they require regularly.
Floap also conducts ‘Pet Talks’, an awareness programme wherein experts address pet parents about topics like animal therapy and nutrition. Through Pet Talks, pet parents can also exchange experiences, tips and tricks about taking care of pets.
FLOAP also partners with Animal Angels Foundation, an NGO which focuses on Animal Assisted Therapy (AAT).
Over the past decade, pet ownership of dogs and other pets in India has increased substantially and this has contributed towards increased demand of pet care products. Change in the urban lifestyle & consumption pattern coupled with rise in the disposable income has helped pet care market considerably.
India’s pet care market continues to grow in double digits despite headwinds like demonetization of 2016 and GST implementation in 2017. Though, its whooping growth was impacted in late 2016 as well as early 2017 and could only recover after March 2017, says a latest IMF report.
India pet care industry advanced with a value CAGR of 23% during 2012-17 and its outlook for the forecast period remains bright. Dog food is the engine of pet care market in India and the category accounted for over 80% value share in 2017.