Venture Catalysts exits India's Pee Safe after OrbiMed-led $32m round

Venture Catalysts, an Indian incubator and early-stage investor, said it fully exited Pee Safe, an India-based women’s hygiene and wellness brand, after a US$32 million funding round led by OrbiMed that included a secondary component.

The firm said the exit, completed in January 2026, returned 9.6x on invested capital and a 30.53% XIRR for its fund and limited partners.

Venture Catalysts said it first invested in Pee Safe in 2017 as the startup expanded from toilet hygiene into a broader personal hygiene portfolio.

Pee Safe said the OrbiMed-led round brought its total funding to US$45.6 million and named existing investors including Zerodha and Natco Pharma.

The company said its products were sold through more than 50,000 offline retail touchpoints across over 100 cities, grew about 45–50% year-on-year over the past two years, and would use the new capital to expand offline presence and marketing.

🔗 Source: Venture Catalysts

🧠 Food for thought

Implications, context, and why it matters.

Pee Safe’s improving financials and category expansion attracted a specialist healthcare investor

Pee Safe narrowed its standalone loss to ₹4 crore in FY25 (financial year 2025) from ₹13.2 crore a year earlier 1.
Operating revenue rose over 45% to ₹82 crore in FY25 1.
That turnaround drew OrbiMed, a global healthcare-focused private equity firm that manages about $20 billion 2.
Two OrbiMed executives will join Pee Safe’s board, bringing closer involvement as Pee Safe competes with startups like Sirona and large players like Johnson & Johnson 2.

Secondaries keep gaining ground in India’s startup ecosystem

Venture Catalysts earned a 9.6x return and reinforced its approach of backing early-stage startups, including those outside India’s biggest hubs and brands tackling women’s hygiene taboos.
The OrbiMed-led round combined primary funding with secondary share sales, adding to the rise of secondary transactions in India’s startup ecosystem 1.
Secondary deals give early investors liquidity, which can flow back into newer companies and keep the funding cycle moving.
The round also tracks the global femtech market, which covers technology products and services focused on women’s health and reached $60.2 billion in 2024 with forecasts of 16% compound annual growth 3.