The following post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga.
India has experienced a rapid increase in pet ownership, and for investors, that means opportunity.
PetPal, an online pet supply e-commerce platform for pet owners in India, offers free shipping and doorstep delivery. Between 2012 and 2017, the country's dog population saw ownership of about 23 million dogs and 4 million cats, with approximately 600,000 adoptions each year.
PetPal Aims to Mirror Chewy's Growth in 2020 and Petco's IPO
PetPal looks to mirror Chewy and Petco WOOF in 2021 in the following ways:
- Chewy launched a virtual vet service to continue to build on its coronavirus momentum. Chewy assumes that pet owners will stick to buying dog food, cat litter or pet toys online. Similarly, Petpal expanded its offering by including a free "Call a Vet" service for pet owners, among other features.
- Petco raised $864 million from its IPO after selling 48 million shares at $18 each, above the expected range of $14 to $17. The company's market valuation tops $4.6 billion. PetPal has positioned itself to succeed in this type of double-digit growth story as well.
See also: Pumpkin Pet Insurance Review
India COVID-19 Pet Impacts
The pet care industry shored up exponential growth worldwide during COVID-19 and India's pet adoptions also increased. In March, dog and cat food sales grew, according to Nielsen. Online pet supply retailers like Amazon and Chewy showed major increases in sales. In fact, Chewy CHWY hired an additional 6,000 employees to keep up with the new demand.
Telehealth and Pet Insurance
A rise in pet adoption during the COVID-19 pandemic increased the demand for telehealth and pet insurance, according to Buffalo Business First.
Since 2015, the total number of insured pets in the U.S. has increased by nearly 62%, totaling over 2.5 million pets.
Pet insurance is fairly new in the India market, but PetPal will change its position and unique offerings in the market, covering treatments and hospitalizations.
Stay At Home Orders Evolved Into More Pet Spending
Throughout the pandemic, many people have been spending more time at home with their pets. This led to an acceleration to a trend we were already seeing in the market, luxury items for pets. Pet parents now more than ever spoil their pets with special chews, such as treats made from 100% pure yak and cow milk; hygienic home-cooked food, spas, fashion accessories and more.
Pet owners from Delhi, Mumbai, Bengaluru and Chennai also want to create meaningful experiences with their pets, according to LANA Paws.
Ultimately, this translates to increased spending on their pets.
PetPal to Add More Features
PetPal hopes to add more features, such as adding to its "call a vet" service to improve interactions between pet parents and veterinarians. With their pet insurance, the goal is to develop one centralized platform to produce the most optimal interaction. Petpal, which recently sold 25,000 orders, with plans to accelerate product development, will lease warehouses and increase inventory. The company also plans to hire additional developers, marketing and operations professionals and senior managers. The company offers the following treats, medicine and accessories and intends to add more to its lineup:
- Food and treats: Wet and dry dog and cat food, as well as treats such as biscuits and bones.
- Accessories: Collars and leashes, as well as essentials like cat litter.
- Supplements and medicine: Shampoos, medicine, toothpaste and sprays.
How to Invest
Are you ready to become a part of this exciting new venture? PetPal's revenue, growing order sizes and pet protection plan signal its future success.
Petpal aims to raise a maximum of $500,000 in its recent crowdfunding efforts and plans to allocate 5% of the funds to intermediary fees, 1% to campaign marketing, 29% to general marketing, 29% to future wages, and 36% to general working capital.
Invest in PetPal today.
The preceding post was written and/or published as a collaboration between Benzinga’s in-house sponsored content team and a financial partner of Benzinga. Although the piece is not and should not be construed as editorial content, the sponsored content team works to ensure that any and all information contained within is true and accurate to the best of their knowledge and research. This content is for informational purposes only and not intended to be investing advice.
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