Early stage investment fund Venture Catalysts has fully exited womenâs hygiene and wellness brand Pee Safe, generating a 9.6x return on its investment. The exit followed a $32 million funding round led by healthcare-focused private equity firm OrbiMed in January.
Other investors, including We Founder Circle, Alkemi Growth Capital and Alpha Capital, have also exited the company, Venture Catalysts founder Apoorva Ranjan Sharma told ET. Zerodha-backed Rainmatter and Natco Pharma continue to be part of the companyâs investor base.
The early-stage investment platform had first backed Pee Safe in August 2017 at a pre-money valuation of Rs 15 crore, investing about Rs 1.6 crore. The exit was at a valuation of around Rs 275 crore.
Sharma said the exit, completed in February 2026 through the secondary component of the round, delivered an internal rate of return (XIRR) of 30.53% for its investors.
The OrbiMed-led round takes Pee Safeâs total funding to about $45.55 million.
"We had already been invested for around 7-8 years and the company had reached a stage where it no longer needed the kind of early support we provided. At this point it requires investors who can bring larger capital and help scale it towards the next phase, potentially an IPO,â said Sharma.
Founded by Vikas Bagaria, Pee Safe began with hygiene solutions for public toilets before expanding into a broader womenâs wellness and personal care portfolio. The brand now follows an omnichannel distribution strategy, with products available across more than 50,000 offline retail outlets in over 100 cities, alongside ecommerce platforms, quick commerce services and its direct-to-consumer channels.
According to Sharma, the company is now positioned to scale further across India and international markets.
Pee Safeâs revenue from operations grew 46% to Rs 82 crore in FY25 from Rs 56 crore in FY24, as per its financial statements filed with the Registrar of Companies (RoC).
âWhen we invested, the womenâs hygiene category was still very nascent. There were hardly any companies focused on it,â Sharma said. âMany players entered the space later, some got acquired and some shut down, but Pee Safe managed to build strong brand recall and a wide product portfolio.â
The exit comes at a time when early-stage investors in India are already witnessing increased activity in secondary transactions as startups raise larger rounds from private equity firms and global investors.
Other investors, including We Founder Circle, Alkemi Growth Capital and Alpha Capital, have also exited the company, Venture Catalysts founder Apoorva Ranjan Sharma told ET. Zerodha-backed Rainmatter and Natco Pharma continue to be part of the companyâs investor base.
The early-stage investment platform had first backed Pee Safe in August 2017 at a pre-money valuation of Rs 15 crore, investing about Rs 1.6 crore. The exit was at a valuation of around Rs 275 crore.
Sharma said the exit, completed in February 2026 through the secondary component of the round, delivered an internal rate of return (XIRR) of 30.53% for its investors.
The OrbiMed-led round takes Pee Safeâs total funding to about $45.55 million.
"We had already been invested for around 7-8 years and the company had reached a stage where it no longer needed the kind of early support we provided. At this point it requires investors who can bring larger capital and help scale it towards the next phase, potentially an IPO,â said Sharma.
Founded by Vikas Bagaria, Pee Safe began with hygiene solutions for public toilets before expanding into a broader womenâs wellness and personal care portfolio. The brand now follows an omnichannel distribution strategy, with products available across more than 50,000 offline retail outlets in over 100 cities, alongside ecommerce platforms, quick commerce services and its direct-to-consumer channels.
According to Sharma, the company is now positioned to scale further across India and international markets.
Pee Safeâs revenue from operations grew 46% to Rs 82 crore in FY25 from Rs 56 crore in FY24, as per its financial statements filed with the Registrar of Companies (RoC).
âWhen we invested, the womenâs hygiene category was still very nascent. There were hardly any companies focused on it,â Sharma said. âMany players entered the space later, some got acquired and some shut down, but Pee Safe managed to build strong brand recall and a wide product portfolio.â
The exit comes at a time when early-stage investors in India are already witnessing increased activity in secondary transactions as startups raise larger rounds from private equity firms and global investors.
Meridiano
