Fredun Pharmaceuticals Limited (FPL), a leading pharmaceutical formulation manufacturer in India, has made a strategic move into the burgeoning pet care industry by acquiring Wagr.ai, a prominent pet tech platform. This acquisition marks FPL's entry into India's pet care sector, which is projected to reach $6 billion by 2030.

Key Highlights of the Acquisition

• Asset Acquisition: FPL has acquired all assets of Wagr, including its technology platform, user base, patented pet fitness tracking technology, and established veterinary network.
• Market Position: The acquisition positions FPL at the forefront of India's rapidly growing pet care industry.
• Neutral Marketplace: FPL plans to relaunch Wagr.ai as India's first truly neutral online marketplace for pet products and services in Q4 FY 2025-26.

Strategic Rationale and Synergies

The acquisition brings together FPL's expertise in pet nutrition with Wagr's cutting-edge technology, creating a comprehensive ecosystem for pet care in India. Key synergies include:

1. Diverse Product Offering: FPL's specialization in functional food and prescription food categories complements Wagr's technology platform.
2. Comprehensive Support System: The integrated platform will offer multiple support channels for pet parents, including:
   • On-demand telemedicine services
   • Pan-India doctor network
   • AI-powered pet care chatbot
3. Innovative Technology: FPL plans to reintroduce Wagr's patented fitness tracking technology for pets in FY 2026-27, offering real-time health monitoring for pets.

Transaction Structure and Ownership

The acquisition is structured as a zero-cash transaction, with Wagr's investors and founding team joining FPL as equity partners. The new ownership structure is as follows:

Market Opportunity and Future Outlook

India's pet care industry is experiencing rapid growth, with a projected CAGR of 22% from 2021 to 2030. The market encompasses various segments:

Fredun Medhora, MD of Fredun Pharmaceuticals Limited, stated, "FPL's long-term vision is that every pet in India should be using a FPL product or service. This strategic acquisition represents a transformative moment for the Indian pet care industry."

The combined platform brings impressive operational capabilities, including a user base of 140,000+ registered pet parents, 16,000+ transactions, and relationships with 70+ pet care product brands.

This strategic move by Fredun Pharmaceuticals demonstrates the company's commitment to diversifying its portfolio and capitalizing on the growing pet care market in India. The integration of Wagr's technology with FPL's expertise in pet nutrition creates a unique value proposition in the Indian pet care landscape, potentially reshaping the industry's future.

As the pet care market in India continues to expand, this acquisition positions Fredun Pharmaceuticals to capture a significant share of this growth, leveraging technology and innovation to meet the evolving needs of pet parents across the country.

Fredun Pharmaceuticals Limited has announced a significant addition to its leadership team. The company's Board of Directors has appointed Ms. Daisy Cyril Dsouza as an Additional Independent Director, following the recommendation of the Nomination & Remuneration Committee.

Key Details of the Appointment

• Term: Five years, from November 24, 2023 to November 23, 2028
• Position: Additional Independent Director
• Approval: Board of Directors, based on Nomination & Remuneration Committee recommendation

About Daisy Cyril Dsouza

Ms. Dsouza brings a wealth of experience and academic credentials to her new role:

• Education: Master's in Commerce from University of Mumbai (1995)
• Banking Experience:
  • Mandvi Bank: 12-13 years (since 1996)
  • Saraswat Bank: Approximately 12 years (since 2007)

Independence and Compliance

The company has emphasized that Ms. Dsouza:

• Is not related to any Director, Key Managerial Personnel, or Promoters of Fredun Pharmaceuticals Limited
• Is not debarred from holding directorial positions

This appointment aligns with corporate governance best practices, ensuring independence in the board's composition.

The addition of Ms. Dsouza to the board is expected to bring fresh perspectives and valuable insights, particularly given her extensive experience in the banking sector. Her appointment may contribute to strengthening Fredun Pharmaceuticals' financial strategies and corporate governance framework.