Mumbai-based Total Dental Care Pvt Ltd, which runs dental care chain under the MyDentist brand, has secured Rs 50 crore (around $8 million) in its Series C round of funding led by LGT Venture Philanthropy, a global impact investing organization founded by LGT and the Princely Family of Liechtenstein.
Existing investors namely Asian Healthcare Fund (AHF) and SeedFund also participated in the latest round of funding.
VCCircle was the first to report in January this year that dental care chain is looking to raise Rs 50 crore in its Series C round of funding from existing and new investors.
The fresh funding will be used to augment its footprint in both existing markets and other parts of India.
“The funding will be used to expand our base to new cities and reach out to a much larger customer base across India,†Vikram Vora, promoter and CEO of MyDentist, said.
Vora had said in an earlier interaction that the firm has been looking to add 60-100 centres a year with this new round of funding.
"MyDentist is LGT VP’s 13th healthcare investment globally and we look forward to working closely with the management to expand across India," Rajat Arora, investment manager of LGT Venture Philanthropy India, said.
Started by Vora in 2009, MyDentist attracted seed round of funding from SeedFund in 2010, before it got its first round of institutional funding in 2011. It then went on to raise Rs 40 crore from AHF in 2013 and Rs 10 crore from SeedFund in the same round.
Currently it has 103 operational dental centres across India in regions like Mumbai, Pune, Ahmedabad and Nasik with a team of more than 500 dentists, reaching over 3 lakh patients.
