Info Edge is making another calculated move and this time it is focusing on pet care through its subsidiary Redstart Labs. It has plans to increase stake in Sploot, which is a rising player in the pet care industry. A ₹3 crore investment is learned to boost shareholding of Redstart in Sploot. It is an increase from 21.96% to 26.40%.
Sploot was founded by Arnav Sahni and Garima Kaushal in 2019. It is a platform for modern pet parents and provides insights into pet health, behavior as well as nutrition. It reported a loss of ₹5.42 crore in FY24 against an operating revenue of ₹1.79 crore equipped with a net worth of ₹3.15 crore.
The decision of Info Edge to invest more in Sploot also shows an understanding of long-term potential in the sector. The pet care market in India is on the rise and basically driven by a growing middle class and an increasing number of people treating their pets as family members. The focus of Sploot is on blending digital tools with traditional pet care services and this aligns well with the current consumer trends.
Redstart Labs was established in 2020 and it is nurtures tech-driven ventures. It mainly focuses on investments in internet-based companies, SaaS platforms and consumer tech. Info Edge approved a ₹30 crore infusion into Redstart earlier this year and it is evident that the subsidiary is well-funded to make impactful moves.
Info Edge itself has faced mixed results recently as its revenue from operations grew by 12% in Q2 FY25 and its net profit witnessed a decline of 64.6%.
Info Edge seems to be betting on the future of pet care in India. It is a market that is still developing and shows significant promise.
