MobiDent, a Bangalore-based startup, has today announced that it has raised an undisclosed amount of funding in its Pre-Series A round from New York-based investor DanGold Investment Corp.
With the new funding coming in, the company is now planning to expand its footprint to twelve new cities in the country, including metros and mini-metros. Further, the company is also planning to hire new talent, including 250 doctors. It will also invest in strengthening its digital technology, marketing and sales.
Commenting on the investment, Vivek Madappa, co-founder of the company, said,
We are excited to bring on board DanGold Investment Corp who can help us fuel our next phase of growth. The investment will enable us to enhance our technology platform, strengthen marketing & sales and hire 250 dentists across the country. The funds will also be used to expand our footprint across Mumbai, Delhi, Gurgaon, Chennai and Hyderabad within the next three months.
MobiDent was started by Dr Devaiah with an aim to create an organized industry for dentists. Now, in the next three years, MobiDent plans to hire 3,000 dentists and train 1,000 dental hygienists.
It aims to make oral hygiene and dental protection inexpensive and delivered at homes. As per the company, in Metro towns, the ratio of a dentist to population is 1:20,000 and in rural areas it is 1: 3,00,000. Every year nearly 30,000 dental students graduate. Yet, unlike other professional courses, there is no organized industry or company waiting to hire them.
In a period of around two years, MobiDent claims that it has served 51,000 patients across 510+ companies and has partnered with more than 20 hospitals across Bangalore, Mysore, Pune and Ahmedabad.
Reports suggest that the dentist to population ratio in the urban market is 1:9,000, while in the rural areas, it stands at 1:200,000. Also, the value of the dental equipment and laboratories market is estimated to be worth around $90 million annually.
