PetKit recently announced its more than USD$10 million in C+ round of financing with INCE Capital’s continuous oversubscribed co-investment.
PetKit is a one-stop pet life service platform that provides pet care, grooming, retail, boarding, hospitals and other services and solutions. With the application of cutting-edge technology and innovative design, it is committed to creating various high-end smart products for pets, improving the quality of pets' life and simplifying the life of raising pets, which enables customers to raise pets in a more simple, easy and joyful way while allowing pets to have more enjoyable experiences in life.
Established in 2013, PetKit’s products have now set footprint in six major categories namely "food, drinks, housing, transportation, hygiene and entertainment". Since 2018, PetKit has begun to focus on building its presence in the offline pet chain business. As the biggest traffic attraction channel for pet consumption, pet chain stores can integrate multiple advantages and address many pain points of traditional individual pet stores such as the inability to meet user needs and the low efficiency of store operations. At present, PetKit, which has opened 300 stores that cover as many as 250,000 households, has become the most influential pet chain brand in China thanks to the well-reputed brand effect over the years and its own efficient operation and management structure.
As a benchmarking enterprise in the pet industry, PetKit’s core competitiveness is mainly reflected in three dimensions:
1. The intelligent SaaS system opens up the front, middle, and back-end links to provide one-stop all-round digital management for stores;
2. Product ecology improvement over the years has helped accumulate deep supply chain capabilities for PetKit. Currently, there are over 5000 self-developed + introduced SKUs. PetKit opened up the supply chain platform for the stores to improve the efficiency and varieties of product selection as well as their profit margin;
3. With a distinctive medical funds-based membership system, customers who shop in PetKit stores can get a certain percentage of medical funds which can be used for pets' follow-up medical treatment. In that case, it is able to create a closed-loop win-win system for customers, stores, and hospitals.
Guo Weixue, co-founder and CEO of PetKit said that, "as the pioneer and leader of smart home provider for pets, PetKit has not only brought technology into the pet industry but also a revolutionary advancement to the family experience of pet raising. In addition, the company has invested cumulatively over 40 million in developing a full-lifecycle SaaS operation management software for pet shops/pet hospitals. We hope to empower stores with information technology so as to improve store operating efficiency and consumer experience and provide pets with high-quality one-stop shop services."
The play filed for pet business has always been a focus of investment by INCE Capital. This round of financing will be used for the continuous optimization of products and the expansion of channels, as well as the continuous and efficient expansion of stores on the pet chain side. Such two-way efforts will facilitate PetKit to build the most influential "one-stop" pet consumption platform in the industry.
