Info Edge’s Redstart Labs to Increase Stake in Pet Care Startup Sploot with INR 3 Cr Investment
In a significant development within the pet care industry, Info Edge’s subsidiary, Redstart Labs, has announced a fresh investment of INR 3 crore in Sploot, a pet care startup founded in 2019. This move is aimed at increasing Redstart Labs’ stake in the company from 21.96% to 26.40% on a fully converted and diluted basis. The transaction will see Redstart acquiring 1,051 Seed-2 Series compulsory convertible preference shares of Sploot, further strengthening its position in the fast-growing pet care market.
Transaction Details
According to an exchange filing by Info Edge, Redstart Labs will acquire the mentioned 1,051 compulsory convertible preference shares (CCPS) of Sploot as part of this investment round. Upon completion of the transaction, Redstart Labs will hold a total of 26.40% stake in Sploot, marking an increase in its equity ownership from the previous 21.96%. The transaction is expected to be completed within 30 days from the approval of the board of Redstart Labs.
The filing clearly outlines that the acquisition of shares is contingent on the finalization of necessary approvals, with the process anticipated to be concluded shortly. The move reflects Redstart Labs’ confidence in the growth prospects of Sploot, particularly in the rapidly expanding pet care sector.
About Sploot: A Rising Star in Pet Care
Founded by Arnav Sahni and Garima Kaushal in 2019, Sploot is a unique pet care platform that blends technology and personalized services for pet owners. The startup operates a mobile application that caters to a range of pet care needs, focusing on aspects like pet health, behavior, and nutrition. It is a one-stop solution for pet parents, offering a wide range of services including dog walking, grooming, and health consultations.
One of Sploot’s distinguishing features is its direct-to-consumer approach, allowing pet owners to book services through the app at their convenience. Additionally, the startup has also ventured into selling pet food under its own brand, further diversifying its revenue streams. The company’s business model is designed to offer a holistic pet care experience, combining technology with the growing demand for premium pet services.
Since its inception, Sploot has garnered significant attention, capitalizing on the increasing interest in pet wellness. The platform’s offerings are tailored to meet the needs of urban pet parents, who are becoming more conscious of their pets’ physical and mental well-being. As pet ownership continues to rise globally, and with India seeing a growing inclination towards premium pet services, Sploot is positioned to be a key player in the market.
Redstart Labs’ Role and Investment Strategy
Redstart Labs, a wholly-owned subsidiary of Info Edge, has a history of making strategic investments in innovative startups across various sectors. With a keen focus on businesses with high growth potential, Redstart has been particularly active in the technology and consumer services sectors. Its investment in Sploot is a reflection of its strategy to back companies that are revolutionizing their respective industries, and Sploot’s unique position in the pet care sector aligns with this approach.
The decision to increase its stake in Sploot is also part of Redstart’s broader strategy to capitalize on the expanding pet care market in India. The country’s pet industry has witnessed remarkable growth in recent years, driven by changing lifestyles and increased disposable incomes. As pet ownership becomes more common, services that cater to the well-being and convenience of pets are in high demand, making Sploot’s model highly attractive.
Leave a comment