Super-app for pet care based in Bengaluru Wagr.ai stated today that it has raised Rs 4.2 crore in a fundraising round led by Inflection Point Ventures, with IvyCap Ventures also participating. Stanford Angels and Ashish Sharma also took part in the round (MD, Innoven Capital).
Wagr, which was founded in 2016 by Siddharth Darbha and Advaith Mohan, claims to offer a variety of products and services, including 15-minute veterinary video consultations. The company also has an e-commerce platform that sells pet supplies such as food, treats, grooming, and accessories, as well as a pet care guide, a pet parent network, and a dog location and fitness tracker.
“My co-founder, Advaith, and I believe that selflessly caring for others brings out the very best in our nature. And when we make the decision to be a good pet parent, we are deciding to be a truly good human being. But we know that the journey is not so easy. It can be as tough and as rewarding as raising a child,” Siddharth Darbha, Co-Founder, Wagr said.
Previously, Wagr has also launched India’s 1st dog GPS and fitness tracker for which they have won multiple awards, the statement said.The startup claims to have 15,000+ users and has completed 3,500+ vet teleconsultations.
Wagr.ai plans to use this round of funding to increase its product offerings on its ecommerce platform as well as broaden the scope of vet consultations and healthcare services available to furry friends across the country. Aside from that, it will concentrate on growing its personnel and increasing its client acquisition activities.
He further said the pet industry has been growing rapidly for over a decade, but the pandemic has brought it to the forefront. “We intend to lead the way in digitising the industry and making easy, affordable and fulfilling pet care products and services available to all pet parents in India,” he adds.
Speaking on the investment,Ankur Mittal, Co-Founder, Inflection Point Ventures said, “Over the years, especially post 2020, there has been a significant rise in pet parents across the country. For Pet Parents, the pets are like family members and hence the growth in this space is expected to mirror the exponential growth we have seen in the Mother & Child space. Wagr has anchored all the pet needs on its platform which is resulting in high stickiness of the pet parents as visible through and large number of returning customers.We see this market to continue its growth momentum, added with the D2C push in the segment.”
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures Advisors Pvt Ltd, said, “We believe that Wagr is a perfect platform for solving all the requirements of pet parents. The credibility of the services ensures that there is an increase in the number of returning customers. Wagr has a strong team and the business model is addressing all the pinpoints. Hence, we will strongly support the team at Wagr.”
According to the company’s statement, The total addressable market for pet products and services is estimated to be about $1.2 billion in India growing at CAGR 28%<span;>, with the majority of it coming from pet products sales. India has an estimated number of 30-35 million pets.