Newsletter
NEW DELHI, India: Indian private equity firm Asian Healthcare Fund (AHF) has confirmed that it will be investing significantly in one of the country’s largest dental chains. According to CEO Ajay Kumar Vij, his company intends to pump INR400 million (US$7 million) into Western Indian-based Total Dental Care, which runs dental clinics in Mumbai and Pune under the mydentist brand.
In addition to the investment from AHF, mydentist is also reported to have received INR100 million (US$1.8 million) from its main investor, Seedfund, in Mumbai.
Founder and CEO Vikram Vora said in a statement that with the upcoming cash injection his company aims to increase the number of mydentist clinics from 40 currently to over 120 across both cities. Opportunities for expansion into other parts of the country are also being evaluated, he said.
Mydentist is AHF’s first investment since the fund was set up by Vij and the chairman of the Dabur group, Anand Burman, in 2010. According to Burman's company, it is intended to identify opportunities for investment in the country’s booming health-care sector. Dabur is one of the largest consumer goods providers in India, selling foods, and personal and health-care goods like toothpaste. Last year, it reported revenues of INR52.8 trillion (US$966.2 billion) worldwide.
In addition to Dabur, AHF is believed to have several other investors.
