Vanamo Care Pvt Ltd, which runs dental healthcare chain in Gujarat under the brand Fine Feather, has raised an undisclosed amount in its second round of funding. The company did not disclose the name of the investor but shared that the investor has acquired 18 per cent stake.
Vanamo, which has positioned itself as a mid-tier player, will use this capital to launch 20 more clinics in the next couple of years. At present it runs six clinics in Gujarat.
The firm was started by prosthodontist Keval Shah along with Manish Jobanputra and Manish Sharma. It was incubated by IIM Ahmedabad’s CIIE in 2010 which brought in seed capital to the venture. Jobanputra and Sharma are IIM alumni.
The company was advised by Acquara for this transaction.
Factors like low capital expenditure and easy scalability have made dental chains attract investor attention. The companies which have raised capital in the recent past include MyDentist raising $9 million from Asian Healthcare Fund and India Equity Partners picking up a majority stake in Axiss Dental.
To add to that, some dental chains also acquired other players to increase their presence. For instance, Axiss Dental bought Narayana Hrudayalaya Dental Clinic early this year.
(Edited by Joby Puthuparampil Johnson)