MyDentist raises series B funding of Rs. 50 crore
Apr 22 2013, 16:49 | By Entrepreneur
Dentistry chain MyDentist, the operative brand name for the company Total Dental Care Pvt. Ltd. has raised a total of Rs. 50 crore as part of its Series B funding, it said in a release today.
Seedfund, the sole investor in the first round of funding in 2011 is investing an additional sum of Rs. 10 crore. Asian Healthcare Fund, a SEBI registered Private Equity fund, focused on investments in healthcare and related areas, will be investing Rs. 40 crore into MyDentist. The new capital will be used to expand MyDentist's presence from 40 clinics to 120 clinics across Mumbai and Pune. MyDentist will also be exploring expansion opportunities into other cities.
MyDentist was incorporated by Vikram Vora in 2009 and was incubated by Seedfund in 2010, before it got its first round of funding in 2011. MyDentist services are based on the premise of providing efficient dental care services at an affordable and standard rate. It aims to take dental care to the non-affluent strata of society by offering high quality treatment at reasonable rates. It has tied-up with multiple banks to extend EMI facilities for high-cost treatments.
Vikram Vora, CEO, MyDentist said, "Our first stage of growth was dedicated at bringing systems and processes in place and building up the core team. We feel, we are now ready for exponential growth and the new funds will be useful for achieving the scale and reaching out to a much larger group of people."
Pravin Gandhi, Founding Partner at Seedfund said, "Our participation in the second round of funding in MyDentist reiterates our belief in their idea and also in the potential of the team behind it. In the last two years, MyDentist has developed its systems and processes and have also managed to build an understanding of customer behavior."
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