Oliva Skin & Hair Clinic on Monday announced a strategic partnership with Kedaara Capital. With its third investment in the single speciality healthcare segment, Kedaara aims to support and fuel Oliva’s growth towards realizing its vision of becoming India’s most respected and leading medico-aesthetic dermatology chain, it claimed. The transaction will also provide an exit to InvAscent, which invested in the company in 2014, the company announced.
“Founded by Dr. Prashant Soma in 2009, Oliva has established itself as one of the largest and fastest growing players in the Indian dermatology space. Supported by multiple rounds of funding from InvAscent-advised India Life Sciences Fund II, Oliva grew from a 4-centre Hyderabad-based operation to a network of 23 centers across 7 cities in India. Oliva offers a diverse suite of skin & hair treatments and products. Oliva has a strong roster of 90+ dermatologists and follows a clinician focused approach with consultations done only by dermatologists,” the company stated on Monday.
“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. 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. Further, structurally, organized chains are expected to gain share from standalone clinics, and there is an opportunity for players such as Oliva which have the right mix of medical and aesthetic treatments to consolidate the fragmented market through accretive tuck-in acquisitions. We thank the InvAscent team for its valuable guidance and support, which helped us emerge as a leading player in this space, he added,” Dr Prashant Soma, Co-founder & CEO, Oliva Skin & Hair Clinic said in a statement.
Avendus acted as the exclusive financial advisor for the transaction, Acuity was the legal counsel to Oliva Skin & Hair Clinic, and Panini acted as an advisor to the promoter. Veritas