The consolidated financial statements of Vetic were presented to the Registrar of Companies. In the 2024-2025 financial year, Vetic saw a tremendous growth in the magnitude of its operations. Vetic stated that its operations revenue had increased 2.5X per year to reach a growth of ₹62.9 crore in FY25, following ₹25.5 crore last fiscal year. This growth highlights the emerging market demand for organised pet care services and products.

Finance and rapid expansion

This rapid growth has been at a high financial cost. The losses of the company increased by 63% to reach ₹65.6 crore in FY25, as compared to ₹40.2 crore in FY24. The financial information shows that the rise in the overall costs was higher than in the revenues.

It indicates a phase of massive investment in infrastructure and market share. This path was followed by an effective Series C fundraising during which the company raised an amount of $26 million, led by Bessemer Venture Partners, which was used to support such a high-growth, high-burn strategy.

Gaurav Ajmera founded Vetic in 2022. Vetic has established itself as an all-around pet healthcare platform. Its revenue structure is inclusive of both products and professional services.

Sales of traded pet food and accessories were a major revenue driver in FY25, contributing about 46% of total operating revenue, amounting to ₹29.3 crore. This segment is based on the retail side of the business and serves the day-to-day requirements of pet owners.

The other 54% of the income, amounting to ₹33.6 crore, was obtained through specialized pet care services. These comprise a broad range of services that include medical check-ups, vaccinations, grooming services, telehealth services, surgeries, and physiotherapy services.

This firm has been expanding its physical presence rapidly to facilitate these services, which it boasts of having served over one lakh pets with over 40 centres. Its clinics operate now in more than 10 key cities, such as Delhi NCR, Mumbai, Bengaluru, and Chennai, and it demonstrates its desire to enter the urban pet care market.

Marketing and expenditure profile

The expenditure profile of the company indicates that the largest investment made by the company is in human capital. The cost of employee benefits increased 40% to ₹30.8 crore in FY25.

This entry consists of ₹7 crore non-cash ESOP expenditure, which, in most cases, startups use to retain talent in the growth stages. In addition to staffing, materials cost was estimated at ₹28.4 crore, and professional costs paid to veterinarians offering their services on the platform were ₹25.3 crore.

Marketing played a crucial role in the FY25 strategy of Vetic. The amount of money spent in this area increased more than 2 times, reaching ₹132 crore. In the unit economics, the company used ₹2.1 to generate a single rupee of operating revenue in the past fiscal year.

This rapid burn rate also shows when it had an EBITDA margin of -98.89% and Return on Capital Employed (ROCE) of -86.25%. These ratios highlight the capital-intensive characteristics of establishing a pan-Indian system of veterinary clinics and the present emphasis on market acquisition rather than profitability.

Conclusion

The results of FY25 paint the picture of Vetic being in a high-velocity growth stage, where scale and infrastructure are valued more than bottom-line stability. Vetic reported a 2.5X increase in revenue, which is a testament. There is a major deal of interest in integrated pet healthcare; the losses and high costs per unit point to the fact that profitability can be achieved in the long term.

Having the support of large investors such as Bessemer Venture Partners and an increasing number of clinics in major Indian metros, Vetic is well-positioned to emerge as a large player in the pet care industry, despite the financial pressures of the high growth rate.