Petcare Startup Vetic Raises US$ 26 Million in Series C Round
Vetic, a holistic pet healthcare startup, has secured INR 224 crore (US$ 26 million) in its Series C funding round led by Bessemer Venture Partners, an American venture capital and private equity firm. The round also saw participation from Lachy Groom’s LGF3, Acorn Heavy Industries, JSW Venture Capital, and Reed India.
According to filings with the Registrar of Companies, the company’s board approved the issuance of 34,746 Series C preference shares at INR 64,517.5 each. Bessemer Venture Partners is contributing the largest share at INR 152 crore, while LGF3 will invest INR 42.7 crore. The remaining amount will come from other participating investors.
With this funding, the company’s valuation has reached around INR 930 crore (US$ 113 million), nearly doubling its previous valuation. The Gurugram-based company has now raised over US$ 45 million across funding rounds.
Vetic provides a range of pet healthcare services, including consultations, telehealth, surgeries, grooming, and vaccinations. Financial data for FY25 is yet to be released. However, for the year ending March 2024, the startup reported a 4.75 times year-on-year growth in operating revenue to INR 26.6 crore.
Image Source: Vetic