How Ofypets is paw-sitively growing 50% YoY with debt funding?
Ofypets grew by 50% year on year with debt funding raised from Klub, largest revenue based financing company in India
"In every pet owner's heart lies a bond that only they can truly understand," a voice from Chennai. Shravan Nandakumar, a Chartered Certified Accountant, began his journey with pets through a deep bond with his beloved black labrador, Shadow. Like many pet parents, Shravan faced a common challenge: finding suitable products that met Shadow's dietary needs. His allergies to mass-market pet food ingredients prompted Shravan to explore better options, a quest that often led him to conversations with fellow pet parents during their walks in the park.
These conversations revealed a common theme - Indian pet parents struggled to find diverse, high-quality products that met their pets' unique needs. Motivated by his personal journey and a passion for improving pet care standards, Shravan along with his group of friends in Chennai, decided to embark on a transformative journey that led to the creation of Ofypets in 2019.
This passion for pets and commitment to quality is propelling the global pet care market, projected to reach over $385 billion by 2031. In India, the pet industry is still in its nascent stage as most stores lack the range and essential facilities like clinics and spas that pet parents need. Ofypets aims to transform this landscape by offering a one-stop solution for all pet needs, and we will delve into this journey of revolutionising pet care for their furry, feathered, and scaly companions.
All-in-one pet solutions
Ofypets was born from a blend of personal passion and insightful understanding of the market's needs, setting the stage for their remarkable journey and success. Their mission is to offer everything a pet parent would need under one roof.
Shravan emphasises, “At Ofypets, we cater to all pets—dogs, cats, birds, fish, and smaller pets like hamsters. In the last 5 years, we’ve fulfilled over 100,000 customer orders and provided thousands of spa sessions and clinic consultations, ensuring that every pet gets the care they deserve.”
This inclusive approach sets Ofypets apart, addressing the needs of a diverse range of pets.
Navigating the pandemic
When the pandemic struck, Ofypets’ commitment to pet care was put to the test. As the country went into lockdown, only essential services were permitted to operate across the nation. However, recognising the critical need for pet services, Ofypets successfully lobbied to have pet care classified as essential, allowing them to continue delivering products nationwide, even when giant marketplaces like Amazon and Flipkart had paused operations for pet care deliveries.
Within a week of the lockdown announcement, Ofypets resumed shipping, ensuring that pets across India had access to necessary supplies. The team’s tireless efforts, often involving long hours and personal deliveries, made a significant impact during those challenging times. They even catered to pin codes not covered by other major delivery services, earning immense gratitude from pet parents everywhere.
Since then, Ofypets has achieved an impressive annual growth rate of nearly 50%. They’ve already expanded to 4 new retail stores in Chennai, welcoming thousands of pet parents each month, while their website garners lakhs of visits regularly.
Ofypets' big break with Klub
In their quest to expand, Ofypets turned to Klub, a growth enablement platform, where they successfully secured debt funding through two rounds of financing. This debt capital injection played a pivotal role in facilitating the opening of two new retail stores in Chennai, marking a significant milestone in Ofypets' journey towards nationwide expansion. These stores offer a one-stop solution for all pets’ needs, including a store, spa, and clinic under one roof. Additionally, the company benefited from an equity fund raise, further bolstering their resources. This combined support from Klub and equity investors has significantly contributed to their remarkable growth
Ofypets' expansion plans
Looking ahead, Ofypets has ambitious plans for the future, including expanding their presence in Chennai and Pondicherry. They are not just limiting themselves to retail stores; they’re breaking boundaries by offering doorstep services. Listening to feedback from fellow pet parents about the difficulties of travelling with pets, they are pioneering a mobile spa service—a large truck equipped to provide grooming services right at the doorstep of pet parents, especially in residential communities.
Moreover, Ofypets is leveraging technology as an enabler to make pet parenting easier through their mobile app. Available on the Google Play Store and currently in its beta phase, the app allows pet parents to book appointments, manage medical records, receive vaccination reminders, and reorder products.
Shravan emphasises, “The app promises to streamline the way pet parents manage their pets’ needs and revolutionise the industry. Moreover, we have already been operating at an annual growth rate of nearly 50% and with the introduction of retail stores, doorstep truck services and our mobile application, we aim to stand out as the leading innovators in pet care, setting a new standard for convenience and quality in the industry.”
Their remarkable journey from a simple idea to a nationwide service provider exemplifies the potential of the pet service industry. Their story is not just one of success, but of passion and dedication to improving the lives of pets and their parents. For entrepreneurs looking to enter this vibrant market, securing debt financing through platforms like Klub can be a game-changer.
