NEW DELHI: To increase the number of its dental clinics, MyDentist, India’s largest dental chain is in planning to raise funds of around $20 million (about Rs 136 crore) from equity investors. So far, MyDentist has raised Rs 108 crore in multiple rounds.
CEO of MyDenstist, Vikram Vora informed, this would be Series-C funding for the Mumbai-based startup, indicating that it could be the last stage of venture funding before it goes for an initial public offering. The firm is in very early stages of discussions with potential investors, reports ET
MyDentist currently has operations across Mumbai, Pune, Surat, Ahmedabad and Bengaluru.
“Since the last one year, we have been very conservative in terms of growing our number of clinics as we have been consolidating operations. But now we target opening 5 to 6 clinics every month to hit around 300 clinics by 2020 from 114 at present,” he added.
In June 2015, the company had raised 8 million (around Rs 50 crore) from global impact investing organisation LGT Venture Philanthropy, Asian Healthcare Fund and SeedFund.
With the fresh funding, the company aims to spread its services in satellite towns around major cities such as Delhi, Chennai and Chandigarh.
In last one year many dental care chains as Axis Dental, Clove Dental have planned to raised their funding to explore their services. Axis Dental, announced plans to raise fresh funds worth $10-15 million in the next few months. Similarly, Clove Dental announced plans to raise further capital from its promoters Global Dental Services that has already invested $25 million in the company.
The Dental service market in India has estimated to be around Rs. 1200o crore.