Chennai-based dental service provider Total Dental care has raised Rs 50 crore series C funding from LGT Venture Philanthropy, a global impact investor.
Total Dental Care, a dental services provider under the brand name MyDentist has raised Rs 50 crore from series C fundingfrom LGT Venture Philanthropy, a global impact investor and existing investors Seedfund and Asian Healthcare Fund.
Significantly, the Series C stage fund which is generally refersto an expansion stage for companies, would be used by the brand to increase its customer base, reported leading businessdaily.
The brand has aimed to increase its customer base in their existing markets like Mumbai, Pune, Surat and Ahmedabad.
In fact the brand is on an expansion spree in new cities wherethe funds would be utilized well.
"We are evaluating Delhi, Bangalore, Chennai and Hyderabad markets to decide on new market for expansion," confirmed Vikram Vora, promoter and CEO of Mydentist.
Reportedly, Veda Corporate Advisors was the exclusive advisor to the deal.
With a network of over 100 dental clinics, 400 doctors and having served over 2,00,000 patients, MyDentist's provides accessible, affordable and quality dental care to the middle and lower middle class customer base.
Founded in 2012, the chain has an organized management approach to dental care and takes up a particular market and works to extensively cover the region before going to the next market.
LGT Venture Philanthropy (LGT VP) is a global impact investor and the private banking arm of the Princely House of Liechtenstein. MyDentist is LGT VP's 13th healthcare investment globally.