Matrix Partners India has picked up a significant minority stake in Enhance Aesthetic and Cosmetic Studio Pvt Ltd for an undisclosed amount. For Enhance, it is the first institutional round of equity funding.
Enhance is into cosmetology care in India, with services ranging from surgical cosmetology (hair transplant, weight loss surgeries and other enhancements) to non-invasive procedures for cosmetic dermatology. It started operations in Kolkata and has now expanded to three more centres – Delhi, Mumbai and Bangalore. The company is led by Manoj Khanna, who specialises in hair transplant and weight loss surgeries.
“Surgical outcomes have been our focus from Day I and we will continue to stand by it. Our goal is to build the first holistic cosmetology services brand in India and the partnership with Matrix will enable us to move faster, given their strong background in healthcare services,” said Khanna, founder of Enhance.
The company’s immediate expansion plan includes increasing its footprint across the metros. In the next five years, Enhance plans to be a pan-India network and is in the process of ramping up teams on both clinical (cosmetic and derma surgeons) and management fronts. It has also roped in Sanjeev Mahajan as the CEO. Most recently, Mahajan was the CEO of Spice Hotspot.
“We believe that the cosmetic surgery and dermatology sector is at an inflection point, driven by growing customer demand, standardisation of processes and supply of quality medical infrastructure, and we are privileged to be associated with Enhance. We have an important franchise in specialty healthcare services and it is a delight to announce the fourth investment in this sector,” said Avnish Bajaj, co-founder and MD of Matrix India.
For Matrix, this comes as a back-to-back deal in the healthcare space within a fortnight. Late last month, it invested in Mewar Orthopaedic. Earlier, the investment firm backed companies like Centre for Sight (eye care) and Cloudnine (maternity and infant care) in the healthcare space.
The firm, which has Rs 3,000 crore under management, invests in companies targeting the Indian consumer market at the seed, early and early growth stages, with initial investments ranging from Rs 1-75 crore.
(Edited by Sanghamitra Mandal)