Petcare Startup Vetic Raises ₹224 Crore Led by Bessemer Ventures
The petcare industry has been witnessing significant growth in recent years, driven by increasing pet ownership and a growing willingness among pet owners to invest in their pets’ health and well-being. In a major development, Gurugram-based petcare startup Vetic has raised ₹224 crore in a Series C round led by Bessemer Ventures, with participation from LGF3, Acorn, and JSW Ventures. This latest funding round is expected to help Vetic expand its network to 65 centres by 2025, further solidifying its position as a leading player in the Indian petcare space.
Founded in 2022, Vetic offers full-stack veterinary services, including consultations, vaccinations, and diagnostic tests, among others. The startup has already served over 1 lakh pets across India, making it a significant player in the market. Vetic’s services are designed to make pet healthcare more accessible and convenient for pet owners, who often face challenges in finding quality veterinary care for their pets.
The petcare market in India is expected to grow at a CAGR of 15-20% over the next five years, driven by factors such as increasing pet ownership, rising disposable incomes, and growing awareness about pet health. According to a report by ResearchAndMarkets, the Indian petcare market is expected to reach ₹13,000 crore by 2027, up from ₹6,000 crore in 2022.
Vetic’s latest funding round is a significant milestone in the startup’s journey, and is expected to help it scale its operations and expand its network across India. The funding will be used to establish 65 centres by 2025, which will be equipped with state-of-the-art technology and trained veterinary professionals.
“We are thrilled to have secured this funding round, which will enable us to take Vetic to the next level,” said [Name], Founder and CEO of Vetic. “Our mission is to make pet healthcare more accessible and convenient for pet owners, and this funding will help us achieve that goal. We are grateful to our investors for their support and look forward to continuing to innovate and expand our services.”
Bessemer Ventures, which led the funding round, is a renowned venture capital firm with a strong track record of investing in innovative startups. “We are excited to partner with Vetic, which is revolutionizing the petcare industry in India,” said [Name], Partner at Bessemer Ventures. “The team at Vetic has a deep understanding of the market and a clear vision for the future, and we believe that they have the potential to create a significant impact in the industry.”
The funding round also saw participation from LGF3, Acorn, and JSW Ventures, all of which are well-established investors in the Indian startup ecosystem. “We are pleased to have invested in Vetic, which has the potential to become a leading player in the Indian petcare market,” said [Name], Partner at LGF3. “The team at Vetic has a strong track record of innovation and execution, and we believe that they will continue to deliver value to their customers and investors alike.”
In conclusion, Vetic’s latest funding round is a significant development in the Indian petcare space, and is expected to help the startup expand its network and operations across India. With a strong team, a clear vision for the future, and a growing market, Vetic is well-positioned to become a leading player in the Indian petcare industry.
Source: https://ascendants.in/business-stories/vetic-raises-224-cr-series-c-bessemer-ventures/
