Mumbai: Mydentist, a dental care clinic chain today announced the successful closing of its Series C funding round of Rs 50 crores. The round was led by the LGT Venture Philanthropy (LGT VP) -a global investing organization founded by LGT , the Asset Management group and Private Banking arm of the Princely House of Liechtenstein. Existing investors Asian Healthcare Fund (AHF) and Seedfund have also made further investment in the company as part of the Series C round.
Commenting on the development, Vikram Vora, promoter and CEO, Mydentist, said, "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."
"This investment also underlines LGT VP’s focus on India as a key geography, with potential to create market leading businesses that balance the need for serving mass markets with financially sound business models”, says Inderpreet Singh, Head of LGT Venture Philanthropy India. Rajat Arora, investment manager of LGT Venture Philanthropy India, said, "Mydentist is LGT VP’s 13th healthcare investment globally and we look forward to working closely with the management to expand across India."
Mydentist has 103 clinics spread across Greater Mumbai, Pune, Surat and Ahmedabad, a team of more than 500 dentists and a cumulative patient count of over 3 lakh patients. The company aims to provide affordable quality dental care to the middle class. The funding will be used to expand Mydentist’s footprint in both existing markets and other parts of India.