Venture Catalysts Exits Pee Safe with 9.60x Return and 30.53% XIRR

Venture Catalysts, one of India’s leading integrated incubators and early-stage investment platforms, has announced its full exit from Pee Safe, following the women’s hygiene and wellness brand’s recent $32 million funding round led by global healthcare-focused private equity firm OrbiMed.

Secondary Exit Unlocks Liquidity for Early Investors

The round included a secondary component that enabled liquidity for select early investors, including Venture Catalysts. This exit converts long-term value creation into realised cash returns, reinforcing the firm’s strategy of backing category creators early and supporting them through scale until institutional capital and liquidity events emerge.

Early Bet on an Emerging Category

Venture Catalysts first invested in Pee Safe in August 2017, backing the company at a critical inflection point. At the time, Pee Safe was transitioning from a niche toilet hygiene proposition to a broader personal hygiene and wellness brand.

Earlier in June 2017, the company had raised pre-Series funding that included Venture Catalysts, reflecting the firm’s focus on founders with strong execution capabilities and a clear vision. Notably, organised innovation in women’s hygiene was still at a nascent stage in India, highlighting Venture Catalysts’ ability to identify underserved categories ahead of mainstream investor interest.

Strong Financial Returns and Exit Performance

The exit, completed in January 2026, delivered a 9.60x multiple on invested capital and an XIRR of 30.53% for Venture Catalysts and its limited partners.

Beyond financial metrics, the transaction demonstrates the platform’s capability to guide startups from early-stage investment to meaningful liquidity events—an increasingly important benchmark for LPs evaluating venture capital as an asset class in India. The journey underscores Venture Catalysts’ hands-on incubation model and disciplined early-entry strategy.

Pee Safe’s Growth and Omnichannel Expansion

Pee Safe has built a strong omnichannel presence, with its products available across:

• 50,000+ offline retail touchpoints
• 100+ cities in India
• E-commerce and quick commerce platforms
• Direct-to-consumer (D2C) channels

The brand has also maintained robust growth, expanding at approximately 45-50% year-on-year over the past two years.

Funding and Future Plans

The OrbiMed-led round brings Pee Safe’s total funding to $45.55 million. Existing investors, including Zerodha and Natco Pharma, continue to remain part of the company’s investor base.

The fresh capital will be utilised to:

• Expand offline retail distribution
• Strengthen brand-led marketing initiatives
• Deepen presence across quick commerce platforms and major online marketplaces

Leadership Commentary

Dr Apoorva Ranjan Sharma, Founder, Venture Catalysts, said: “This exit validates patient early-stage investing, where we back founders before the market consensus forms. Pee Safe has built strong category depth, distribution, and brand trust. Delivering cash returns, not just markups, strengthens our commitment to LPs and energises our next investment cycle.”

Vikas Bagaria, Founder, Pee Safe, added, “Venture Catalysts believed in our mission from the beginning and supported us in our first fundraise. As we welcome OrbiMed and accelerate growth, we are proud that early partners can realise meaningful outcomes. This is proof that strong brands can be built from India.”