The private equity firm will invest Rs 40 cr in the company, while Seedfund will invest Rs 10 cr, the company said. Seedfund usually invests Rs 1 cr in the first round and follows it up with a $2 mn investment if it finds the company growing to its expectations.
Fresh capital will be used to expand MyDentists presence from 40 clinics to 120 clinics in Mumbai and Pune.
The company, founded by Vikram Vora in 2009 was incubated by Seedfund in 2010 before it was funded in 2011.
For venture capitalists, healthcare and life sciences is the second most attractive investment segment in India. According to reports, in 2012, VCs invested nearly $100 mn in healthcare making it the second largest segment to attract risk capital after IT & ITeS.
NextBigWhat’s internal data shows that the segment maintained its position in the first quarter of 2013.