New Delhi, March 17 Venture Catalysts announced on Tuesday that it has exited its investment in the women's hygiene brand Pee Safe, achieving a 9.60x return and an XIRR of 30.53 percent, following the company's recent USD 32 million funding round led by OrbiMed.
The exit, completed in January 2026, was through the secondary component of the funding round, providing liquidity to early investors, the company said in a statement.
Venture Catalysts had first invested in Pee Safe in 2017, backing the company at an early stage when organized women's hygiene innovation in India was still emerging.
The investment supported the brand's expansion from a toilet hygiene-focused offering to a broader personal hygiene and wellness portfolio.
Pee Safe has since scaled its omnichannel presence to over 50,000 offline retail outlets across more than 100 cities, alongside e-commerce, quick commerce, and direct-to-consumer channels. The company has recorded annual growth of about 45–50 percent over the past two years.
The latest funding round brings Pee Safe's total funding to USD 45.55 million, with investors including Zerodha and Natco Pharma continuing to hold stakes. The fresh capital will be used to expand offline distribution, strengthen brand marketing, and deepen presence across online platforms.
XIRR (Extended Internal Rate of Return) is a financial formula used to calculate the annualized return on investments that have multiple, irregular cash flows.
"The secondary component of the round enabled liquidity for select early investors, including Venture Catalysts, converting long term value creation into cash returns," the statement said. "This outcome underscores the firm's strategy of identifying category creators early and supporting them through scale until institutional capital participation and liquidity events emerge."
Venture Catalysts first backed Pee Safe in August 2017, supporting the company at an early inflection point as it expanded from a focused toilet hygiene proposition into a broad personal hygiene and wellness portfolio.
In June 2017, the company had raised pre-series capital that included Venture Catalysts, highlighting the firm’s focus on founders with clarity of mission and speed of execution. At the time of investment, organized women's hygiene innovation was still nascent in India, reflecting Venture Catalysts' ability to spot underserved consumer categories ahead of mainstream investor attention.
"The exit was completed in January 2026, generating a 9.60 multiple on invested capital and an XIRR of 30.53 percent for the fund and its limited partners. Beyond performance metrics, the transaction demonstrates Venture Catalysts' ability to take companies from first cheque to credible liquidity, a key expectation for LPs evaluating venture as an asset class in India," it said. "The journey from early conviction capital to realized exit reinforces the platform’s hands-on incubation model and disciplined early entry strategy."
This realization reinforces Venture Catalysts' disciplined approach to selecting founder-led consumer brands with clear unit economics, repeat purchase behaviour, and the ability to build distribution across channels. Pee Safe has scaled with an omnichannel model, with products available through more than 50,000 offline retail touchpoints across over 100 cities, alongside e-commerce, quick commerce platforms, and its direct to consumer channels. The brand has also recorded consistent growth, expanding at approximately 45–50 percent year-on-year over the last two years.
The OrbiMed-led round brings Pee Safe's total funding to USD 45.55 million, with investors including Zerodha and Natco Pharma continuing to be part of the company’s investor base. The company plans to use the capital to expand offline retail presence, strengthen brand led marketing, and deepen reach across quick commerce and major online marketplaces.
Apoorva Ranjan Sharma, founder, Venture Catalysts, said, "This exit is a validation of patient early stage investing where we back founders before the market agrees. Pee Safe built category depth, distribution muscle, and brand trust. Delivering cash returns, not just markups, strengthens our promise to LPs and energizes our next cycle of investments for everyone involved today."
Vikas Bagaria, Founder, Pee Safe, said, "Venture Catalysts believed in our mission early and were part of our first fund raise. As we welcome OrbiMed and scale faster, we are proud that early partners can realize meaningful outcomes. We see this as proof that strong brands can be built from India."
