Petcare start-up Wiggles is in advanced talks to raise its series A funding round from new and existing investors. It is also gearing up to make an entry into the homecare segment. The petcare brand had raised about $5.5 million in October last year in a pre-Series A round led by Anthill Ventures and other investors.
Anuskha Iyer, Founder and CEO, Wiggles told BusinessLine, “ We are in advanced talks to raise $15-$ 20 million for our Series A round and have received commitments from several existing investors for this round.”
As part of its strategy to offer homecare products, the start-up has entered the floor cleaner segment. “We are in the middle of a cultural shift, led by millennials & Gen Z, as Indian consumers are moving from ‘owning’ pets, to treating them as family members. We’ve observed this shift first hand in our community, Wiggles Tribe, where pet parents discuss concerns about their pets’ well being with our experts. In the recent past, the volume of queries regarding allergies and infections in pets have been increasing.This led us to launch our first product, Pets & Kids Safe Floor Cleaner, which combines plant based cleaning agents, natural surfactants & essential oils,” explained Iyer. The brand could also look at launching other homecare products.
The floor cleaners segment in the country is a competitive space with many small and large established players. “Our product development process starts with listening to our community of pet parents. We are not in the business to compete with low cost chemical based cleaners, but to provide a solution for pet parents who value the health of their pets”, she added.
The preventive petcare brand, which offers a range of products such as grooming essentials, pet food and treats, expects homecare to become a key contributor to its revenues. “We foresee the demand of safe and chemical free home care products growing, especially amongst the young, double income families. While solving for pets, we are creating a homecare range that is both pet & kid safe, which has allowed us to create a new niche in the category, pegged currently at $8.2 billion in India. At this point, we see ourselves as a challenger with a strong value proposition for our customers,” she added.
The D2C start-up’s product portfolio is also available offline through pet stores, vet clinics, pharmacies and modern trade and general trade stores. “We have grown 4.5 times since last year and clocking a growth of 25 per cent month on month consistently,”Iyer said.