Vetic Secures Rs 224 Crore in Series C Funding

Vetic, a leading pet care startup, is successfully raising Rs 224 crore or $26 million in its Series C funding round, which is being led by Bessemer Ventures. The fundraising includes contributions from Lachy Groom’s firm LGF3, Acorn, and JSW Ventures.

The board at Vetic has approved a special resolution to issue 34,746 Series C preference shares at a price of Rs 64,517.5 each, as indicated in its regulatory filing sourced from the Registrar of Companies (RoC). Bessemer Ventures will take the lead with an injection of Rs 152 crore, while Lachy Groom’s LGF3 is set to invest Rs 42.7 crore. The remaining funds will be provided by Acorn Heavy Industries, JSW Venture Capital, and Reed India.

According to estimates from Startup Superb, the company is valued at approximately Rs 960 crore or $113 million after this round, reflecting nearly a twofold increase compared to its previous funding round.

Services Offered by Vetic

Vetic operates as a comprehensive pet healthcare platform providing a range of services including consultations, telehealth, vaccinations, surgeries, physiotherapy, and grooming. The platform proudly reports that it has catered to over 1 lakh pets across more than 40 centres.

Vetic’s Funding Journey

Based in Gurugram, Vetic has successfully raised more than $45 million through various funding rounds. Prior to this round, Acorn Heavy Industries held the largest external stake in the company, followed closely by Bessemer Ventures. The financials for FY25 have yet to be disclosed. For the fiscal year ending March 2024, the startup recorded a 4.75X year-on-year growth in operating revenue, achieving Rs 26.6 crore. However, it also reported losses amounting to Rs 40.2 crore.

Competitive Landscape

In a competitive market, Vetic faces rivals such as Supertails, which raised $15 million in a funding round led by RPSG Ventures in February of the previous year. Other players include Wiggles, Heads Up For Tails, and more. Earlier this year, Dogsee Chew secured $8 million in its Series B funding.