New York-based DanGold Investment backs dental care startup MobiDent
Bangalore-based dental care startup MobiDent has raised an undisclosed amount in pre-Series A funding from New York-based DanGold Investment Corp.
Doux Dentistry Pvt Ltd, which owns and operates MobiDent, will use the fresh capital to introduce its home dental services in 12 new markets, including metros and mini metros. In addition, it will significantly invest in expanding its team, strengthening digital technology and marketing, the company said in a press statement.
MobiDent attempts to make dental care inexpensive and tags itself as India's first portable dental clinic chain as it delivers its services at the customer’s doorsteps.
Founded by dentist Dr Devaiah Mapangada and serial entrepreneur Vivek Madappa in 2014, Mobident offers its services in Bengaluru, Pune, Mysore and Ahmedabad.
The company operates on an asset-light model with its offering titled ‘dental clinic in a suitcase’. It claims that this model addresses the core challenges of the dental care industry such as user experience and high cost of dental services.
MobiDent operates across three verticals – homes, corporates and hospital chains. It claims to have served over 50,000 patients across 500 companies and has partnered with more than 20 hospitals across Bangalore, Mysore, Pune and Ahmedabad over the last 24 months.
The dental care startup had raised an undisclosed amount of funding from IIM Ahmedabad’s incubator-cum-investor, Centre for Innovation Incubation and Entrepreneurship (CIIE) in August 2016.
A number of dental chains in India have attracted venture capital and private equity funding over the past few years. Vatsalya Centre for Oral Health, which runs two dental clinics in Bangalore, raised Rs 11 crore ($1.65 million) in pre-Series A funding from US-based S-Squared Capital Investments in May last year.
In February 2016, dental clinic chain Smile Merchants received an undisclosed amount in follow-on investment from impact investor Unitus Seed Fund.
Other funded players in the industry include Axiss Dental, MyDentist and Denty’s.
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Special Smiles Pvt. Ltd. owns and operates dental clinics under a brand name of Vatsalya Centre For Oral Health. It provides end-to-end dental treatment service. It also provides home dental care services. The company was founded in 2003 and is based in Bengaluru, Karnataka.