Petcare startup Vetic raised $26 million in funding in a series C round. The funding round was led by Bessemer Ventures, including the participation of Lachy Groom’s firm LGF3, Acorn, and JSW Ventures.

Summary:

1. Petcare startup Vetic has raised $26 million in a series C round led by Bessemer Ventures, with participation from Lachy Groom’s firm LGF3, Acorn, and JSW Ventures.

2. Vetic is a platform offering consultations, telehealth, vaccinations, surgeries, physiotherapy, and grooming and has served over 1 lakh pets across over 40 centers.

3. The company has been evaluated at around 860 crore or $113 million post allotment, which is around 2x the evaluation compared to its previous funding round.

According to the Registrar of Companies (RoC), the board at Vetic has approved a special goal to issue 34,746 Series C preference shares at an issue price of Rs 64,517.5, each to secure Rs 224 crore (approximately 26 million), according to its regulatory filing source.

Bessmer Ventures will lead the funding round with Rs 152 crore, while its initial investor, Lachy’s Grooms firm LGF3, will invest Rs 42.7 crore. Acorn Heavy Industries, JSW Venture Capital, and Reed India will invest further amounts.

According to the sources, the company has been evaluated at around 860 crore or $113 million post allotment, which can be considered around 2x the evaluation soared, compared to its previous funding round.

Who is Vetic?

Vetic is a Petcare platform offering consultations, telehealth, vaccinations, surgeries, physiotherapy, and grooming. It serves over 1 lakh pets across more than 40 centers, claims Vetic.

The startup received more than $45 million during multiple stages. According to the startup data intelligence portal, TheKredible. Earlier, Acorn Heavy Industries was the biggest external stakeholder in this round, followed by Bessemer Ventures. The corporation has yet to release its financial results for fiscal year 25. For the fiscal year in March 2024, its operating revenue increased by 4.75 times yearly to Rs 26.6 crore. Meanwhile, their losses were Rs 40.2 crore.

It competes with companies such as Supertails, which secured $15 million in a round led by RPSG Ventures in February of last year, and Wiggles, Heads Up for Tails, among others. Earlier, Dogsee Chew raised $8 million in a Series B investment this year.

In 2022, Vetic Petcare startup secured $3.7 Mn in a seed funding round, led by the same Lachy Groom. 

“Pet healthcare will face the same disruptions as personal healthcare in recent decades. “I believe Gaurav and the Vetic team will change the pet experience while building the leading pet healthcare brand in India,” said Lachy Groom.

According to a Research and Markets estimate, India’s petcare business is expected to reach INR 7,500 crore by the end of 2026.

The story behind the foundation of Vetic

Like other pet owners, Gaurav, founder of the petcare startup, took in a gorgeous Himalayan cat named Simba during the COVID-19 pandemic. Unfortunately, Simba became ill during his first week at home. This is when Gaurav began looking for the proper veterinarian. “There was no recognized brand, so I went to 5-6 different vets, relying on referrals from friends and the neighborhood, to get Simba the best possible treatment. “It took me 25-30 visits in the first 60 days to get him better,” he says. “This experience woke me to major inadequacies in pet health care, particularly compared to human health care.

The healthcare facilities awareness gap and accessibility for pet parents are all far off, creating an opportunity to build a pet health care brand so that every pet receives the finest possible care,” the startup founder says.