Source: Justdial
According to recent regulatory documents, pet healthcare startup Vetic is going to raise Rs 224 crore (about $26 million) in its Series C fundraising round, led by Bessemer Ventures Partners. The round will also feature LGF3, the investment firm of Lachy Groom, as well as Acorn Heavy Industries, JSW Ventures, and Reed India.
According to an appropriate filing at the Registrar of Companies (RoC), the board of Vetic has approved the allotment of 34,746 Series C Preference shares at a price of Rs 64,517.5 each. Bessemer Ventures will lead the round with Rs 152 crore, LGF3 will contribute Rs 42.7 crore, and the rest will come from other co-investors.
As per Entrackr’s estimates, once the funding closes, the company should have a post-money valuation of Rs 960 crore ($113 million)—nearly double from the previous round.
Rapid Growth Right from Launch
Vetic is a provider of pet health care services—consultations with veterinarians, telehealth, vaccinations, surgeries, physiotherapy, and grooming. Founded in August 2022 by former OYO COO Gaurav Ajmera, the startup claims to have worked with over 1 lakh pets, servicing them from more than 40 centers in India. After this round of funding, they will have raised more than $45 million in total funding.
Strong Support and Market Position
According to TheKredible, a startup data platform, Acorn Heavy Industries had the biggest stake before this round, followed by Bessemer Ventures, in terms of external backers. Now, with this funding, both the earliest backers and new investors are sending a positive signal about their continued confidence.
For the year ended March 2024, Vetic had reported operating revenue of Rs 26.6 crore and it grew 4.75X over the previous financial year however, it did also report a loss of Rs 40.2 crore, which reinforces that the business continues to invest heavily to scale.
Market Context
Vetic operates in a rapidly growing industry and competes with other players include Supertails, which raised $15 million in 2023 from RPSG Ventures; and Wiggles, Heads Up For Tails, and Dogsee Chew, which raised $8 million in the Series B round earlier in the year.
With the new funding, Vetic plan is to build the network out, expand technology capabilities, and continue to leadership position in the changing pet care ecosystem in India.
