Unitus backs Indian dental chain Smile Merchants' seed round
Unitus Seed Fund has invested an unconfirmed amount in the seed round of Mumbai, India-based dental clinic chain startup Smile Merchants. The said clinic is run by Free3 Healthcare, according to Business Standard.
Smile Merchants will use the fresh capital to improve its hub-and-spoke clinic located in Maharashtra. The funding will also fuel the affordable clinic's national expansion, the report stated.
VC Circle reported that the amount invested by Unitus is between INR50 lakh and INR1 crore. In addition, the fund is eyeing three or four more healthcare investments this year, the report added.
The transaction marks the third time that Unitus has invested in a healthcare firm. Its two other recent investments include affordable eye screening firm Welcare and online healthcare marketplace Medypal, the report detailed.
Smile Merchants was established in 2012. At present, it runs four branches in the Bhiwandi region near Mumbai. The firm's client base is comprised of villagers and residents beyond the big metros. The healthcare startup's services include tooth extractions, replacements, and root canals, Business Standard reported.