MyDentist, a dental care chain has gulped in $8 million in its latest Series C funding round. The investment round was led by LGT Group’s LGT Venture Philanthropy. Existing investors Asian Healthcare Fund (AHF) and SeedFund also participated in this round.
Founded in 2009 by Vikram Vora, MyDentist came up with a vision of providing dental care services directly or indirectly to every individual in need of dental treatment. And in developing nations like India, where basic healthcare is yet to reach every individual, startups like MyDentist become all the more relevant. It aims to be the largest dental chain in the world by 2017.
With this fresh capital, the company is planning to increase its work in the regions where it already is present and is also looking to expand its services to other parts of the nation.
Vikram Vora, CEO of the company, said in a statement that the company is expanding to other cities to reach out to larger customer base across India. He also suggested that the company is looking to add 60-100 centers by the end of this year.
Vora further adds,
In the past few years, we have been successful in consolidating our position as leaders in dental clinic services. The new funding will be used to expand our base to new cities and reach out to a much larger customer base across India.
It has over 103 clinics spread across Mumbai, Pune, Surat and Ahmedabad. And armed with over 500 dentists across all of its centers,the dental chain has a staggering cumulative patient count of over 3 lakh patients.
According to a report by Ken Research, the market for dental services in India is expected to grow at a compounded annual growth rate of 13.9% by 2018 revenues clocking over Rs.12,700 crore in 2018.