, headquartered in Chennai, one of the fast-growing animal health care companies in India, raised an undisclosed amount from N+1 Capital, one of India's largest revenue-based growth capital funds. The Company will be using this fund to support its expansion plans of all its operating verticals. Devansh Shah, Bilanz Capital Advisors is the advisor to the deal.
Founded in 2009, Provet Pharma manufactures and markets feed additives/supplements and drugs for poultry, livestock and aquaculture segments in India and exports under its own brands.
With its highly regarded leadership, business strategy and execution capability, the Company has managed to achieve its mark in the Animal Healthcare industry. Despite the micro and macro level challenges in the recent years, the Company has been growing by an astonishing CAGR of more than 40 per cent while its EBITDA margin is outpacing the revenue growth by growing more than 90 per cent CAGR.
Speaking on the fundraising, Muthu Selvan, Co-founder and Managing Director of the Company, said that the Company is on its mission to be recognized as a complete solutions provider, offering affordable, innovative, and research-based solutions for healthcare and nutrition to the veterinary farming fraternity globally with the able support of its dynamic and experienced team of professionals. He also said the Indian Animal Health Care industry is growing at a CAGR of around 10% and the Company is focusing majorly on the products well suited to dynamic market requirements. He also highlighted the fact that the industry is shifting towards the usage of non-antibiotic feed additives and the product portfolio of the Company has been already built to ride on this shift with more innovative and conceptual products in the pipeline.
"Provet has built a strong sales and distribution network pan India since its inception. It is a preferred partner to many mid to large firms in the poultry and aquaculture space. The Company's products are well established in the industry. We are impressed by the Company's growth potential and are excited to partner with Provet," said Ashish Singla, Managing Partner, N+1 Capital.
The Company currently has around 150+ employees with pan India presence covering around 70 per cent of the Target Market. With N+1 Capital as a growth partner, the Company will expand its reach with the support of its innovative, unique, and well-established brands like Nagronex, Bambercin, Lebrocin, etc. while leveraging its existing relationships with the customers to increase the market share of its tail end brands.
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( With inputs from ANI )
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