Kedaara Capital Acquires Majority Stake in Oliva Skin And Hair Clinic
Kedaara Capital announced on Monday that it has acquired a majority stake in the Hyderabad-based medico-aesthetic dermatology chain Oliva Skin & Hair Clinic.
The transaction's financial details were not disclosed.
The transaction will provide an exit for InvAscent, which invested in Oliva in 2014, as well as support for Oliva's organic and inorganic growth plans to become India's leading dermatology chain.
This will be Kedaara's third investment in a single specialty healthcare provider.
Oliva, founded in 2009 by Dr. Prashant Soma, has grown from a four-center operation in Hyderabad to a network of 23 centres in seven cities across India.
Oliva provides a wide range of skin and hair treatments and products. Oliva has a roster of over 90 dermatologists and takes a clinician-focused approach, with only dermatologists performing consultations.
Multiple rounds of funding were provided to the company by the InvAscent-advised India Life Sciences Fund II.
“Globally, aesthetic dermatology treatments have seen a steady rise in demand with increasing disposable incomes," said Dr Prashant Soma, co-founder and CEO of Oliva.
"India has seen a similar increase in demand driven by rising disposable incomes .. structurally, organized chains are expected to gain share from standalone clinics, and there is an opportunity for players such as Oliva," Soma added.
“Oliva has created a scalable, replicable model with a strong focus on delivering superior outcomes especially for complex treatments requiring clinical intervention. We are excited to take Oliva forward in the journey to bring high quality, safe and effective advanced skin and hair treatments accessible to all,” said Nishant Sharma, founder, CIO & managing partner of Kedaara Capital.
Avendus served as the transaction's sole financial advisor, Acuity served as Oliva Skin & Hair Clinic's legal counsel, and Panini served as the promoter's advisor. Kedaara Capital was represented by Veritas Legal, and InvAscent was represented by Quillon Partners.