Personal care brand Emami acquired a 30% stake in Cannis Lupus, a pet care startup, in an all-cash transaction, the company said in a regulatory filing, without disclosing the financial details of the transaction.
“This is to inform you that the Company (Emami) has entered into an agreement for the subscription of 4,522 equity shares of Cannis Lupus Services India Private Limited, equivalent to 30% of the company’s shareholding,” Emami stated. Emami’s larger strategy of targeting new-age D2C commerce and making a splash in the nascent pet care space could be attributed to the acquisition. The move will capitalise on Cannis Lupus’ industry experience and allow Emami to enter the space without having to build the infrastructure from ground up.