Kedaara buys majority stake in India dermatology player
Kedaara Capital has acquired a majority stake in medico-aesthetic dermatology services Oliva Skin & Hair Clinic, facilitating an exit for healthcare specialist InvAscent Capital.
InvAscent invested INR 400m (USD 4.9m) in Oliva in 2014, according to AVCJ Research, via its second fund in partnership with Dubai-based Evolvence Capital, an INR 8.6bn vehicle. InvAscent’s third fund closed on USD 250m in 2019.
Kedaara said this was its third investment in Oliva. It typically deploys in a range of USD 25m to USD 75m. The latest transaction was reportedly worth USD 65m.
Oliva claims to be the fastest-growing chain in its space, having established 23 dermatology clinics in seven major cities across India since its founding in 2009.
Services include laser hair removal, laser toning for skin, chemical peels, acne scar removal, body contouring, skin tightening, Botox, and dermal fillers. There are also Oliva-branded therapeutic skin and hair products, sold both online and in clinics.
“Globally, aesthetic dermatology treatments have seen a steady rise in demand with increasing disposable incomes, rise in prominence of non-invasive technology for treatments, and acceptance of aesthetic dermatology treatments across demographics,” CEO Prashant Soma said in a statement.
“India has seen a similar increase in demand driven by rising disposable incomes leading to improved affordability and rising use of social media accentuating the “necessity to look good”.
There is a significant focus on maintaining medical credentials and standards. The company employs more than 90 dermatologists and claims to follow a clinician-focused approach with consultations done only by dermatologists. It also offers a dermatological training programme for its technicians.
Kedaara described Oliva as a scalable, replicable model capable of delivering complex treatments requiring clinical intervention. Kedaara CIO Nishant Sharma said the team had become a “hallmark of excellence in the medical fraternity.”
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