Fredun Pharmaceuticals has acquired a 26% stake in Goodman Vetcare Private Limited to strengthen its presence in India's animal health and veterinary retail market. The deal values Goodman at approximately ₹300 crore.

The partnership aims to leverage Goodman's established retail network and Fredun's manufacturing and technology capabilities. Together, the entities plan to expand Goodman's footprint across new geographies while enhancing its omnichannel operations.

Strategic Expansion Goals

Goodman Vetcare, founded in 1989, currently operates three stores in Mumbai and Navi Mumbai. The business grew its revenue from ₹14.1 crore in FY24 to ₹23.6 crore in FY26, representing a 30% annual growth rate. This expansion occurred without institutional capital.

Goodman plans to open at least eight new stores across three cities, aiming for breakeven within three to four months per location based on recent performance. A new warehouse is scheduled for commissioning in the first half of the year to support stock availability.

Leadership Commentary

Fredun Medhora, Managing Director and CFO of Fredun Pharmaceuticals, highlighted the opportunity to combine Goodman's market strength with Fredun's broader ecosystem. He stated the objective is to build a more integrated pet-health platform in India.

Vipul Patil, CEO of Goodman Vetcare, emphasized that the partnership provides resources for sustainable scaling rather than rapid overnight growth. He noted that Fredun's pharmaceutical background brings valuable discipline to supply and quality management as Goodman expands beyond Maharashtra by the end of 2027.

What the Numbers Show

Goodman Vetcare's revenue nearly doubled over two years, rising from ₹14.1 crore in FY24 to ₹23.6 crore in FY26. This growth trajectory supports the target of reaching ~₹40 crore by FY27 and ~₹56 crore by FY28, implying continued acceleration despite the increasing base. The planned expansion into eight new stores relies on maintaining this momentum while managing operational complexity across multiple cities.

About Fredun Pharmaceuticals

Fredun Pharmaceuticals manufactures antihypertensives, antidiabetics, ARVs, narcotics, and animal healthcare products. In FY26, the company reported total revenues of ₹639.12 crore, an EBITDA of ₹94.79 crore, and a PAT of ₹33.21 crore. The company primarily exports to Africa, Southeast Asia, CIS countries, and Latin America.

Fredun Pharmaceuticals is accelerating its entry into the pet wellness market by expanding the Furlicks brand portfolio from 6 to 22 SKUs. The company announced on September 15, 2026, that it plans to introduce 16 new products over the next 6-9 months, moving beyond its initial oral-strip offerings.

Portfolio expansion details

The expansion marks a significant shift from the brand's current six-SKU oral-strip portfolio. Fredun Pharmaceuticals aims to diversify formats to include dissolving strips, cold-extruded, air-dried and freeze-dried products, alongside functional biscuits. This move allows the brand to address a wider range of pet-care occasions while maintaining its focus on convenience and everyday wellness.

The new products will cover existing categories such as skin and coat, gut health, joint care, calming, oral care, and multivitamins, but will now be available in these broader functional nutrition formats. This represents the first phase of a larger product roadmap intended to build Furlicks into a comprehensive, innovation-led platform for the Indian market.

Strategic context

Furlicks was acquired by Fredun Pharmaceuticals from USV and Wellbeing Nutrition. Mr. Fredun Medhora, MD & CFO, stated that the acquisition was driven by the potential to build a meaningful business around a differentiated proposition rather than simply adding another brand.

The company intends to leverage its strengths in manufacturing, R&D, and product development to accelerate innovation. While Furlicks is already available online across India, the next phase focuses on deepening the portfolio and strengthening accessibility. The goal is to establish Furlicks as a trusted, accessible, and relevant holistic pet-wellness brand for millions of pet parents in India.