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Dental care chain Mydentist has raised Rs 50 crore in Series C funding from LGT group, the asset management group and private banking arm of Princely House of Liechtenstein.
Existing investors Asian Healthcare Fund (AHF) and Seedfund also participated in the round.
The chain, with over 103 clinics spread across Mumbai, Pune, Surat and Ahmedabad, will use the funds to expand into rest of India as well as strenghten its position in the existing markets.
Mydentist has a team of more than 500 dentists and a cumulative patient count of over 3 lakh. It focuses on providing affordable quality dental care to the burgeoning and aspiring middle class.
Vikram Vora, Promoter & CEO, Mydentist, in a statement 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.”
According to industry reports, the Indian dental care services market is estimated to be around Rs 9,000 crore as of now. With people getting more conscious about oral care,there has been a spurt in the number of dental clinics. However, there is no standardisation in terms of pricing and quality. Players like Mydentist are trying to solve this problem and provide affordable oral care.
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