Mumbai-based Total Dental Care Pvt Ltd, which runs dental care chain under the MyDentist brand, is looking to raise Rs 50 crore ($8 million) in its Series C round of funding, a top executive of the company told VCCircle.
The firm is in talks with both existing and new investors to raise the money.
“We are in early stage of discussions at the moment. This funding would primarily be used to expand our reach further. However, the exact expansion plan would be made only once we have the investors on board,” said Vikram Vora, CEO of MyDentist.
The firm has been looking to add 60-100 centres a year with this new round of funding. Currently it has 101 operational dental centres across India in regions like Mumbai, Pune, Ahmedabad and Nasik.
It had earlier raised $9 million from Asian Healthcare Fund and Seedfund and is in the last stage of deploying this capital.
Vora said, “We did contemplate raising a bigger fund but we do not wish to dilute as much at this point. It is easier to raise one big round of funding but that is not our plan for now.”
MyDentist was started by Vora in 2009 and was seed funded by Seedfund in 2010, before it got its first round of funding in 2011. It then went on to raise Rs 40 crore from Asian Healthcare Fund in 2013 and Rs 10 crore from Seedfund in the same round.
In 2014 it generated revenues worth Rs 25 crore and hopes to end double it revenue in FY15 by generating revenues worth Rs 50 crore.
(Edited by Joby Puthuparampil Johnson)