Hyderabad based online dental products’ e-commerce portal MyDentistsChoice recently raised US$ 0.5 million in its second round of funding to expand its services in North America and other parts of the globe. The portal which has been serving the doctors community since the past 3 years is now planning to lookout for a global expansion of its services.
The names of investors who participated in this round has not been disclosed.
Earlier in 2016, the company had received an angel funding which helped it to establish its ground in India. Later in last year, it further received the first major chunk of funding and forayed into the Indian markets by supplying more than 10,000 different dental products of 100 various brands to the dental community doctors across the country.
Founded in 2014, by ivaprasad Pinnapurala and Sunil Meda, MyDentistChoice is an online marketplace offering direct sales and distribution of dental equipment and accessories from top name manufacturers in the industry. The platform offers a wide array of professional dental equipment for your private practice, dental hospital or distribution center and
“MyDentistChoice.com has achieved a remarkable progress marching towards turnover of Rs.4 crore. With a humble beginning of just 5000 products, today we have doubled our product supply to 10, 000 products of 100 various brands. With recent funding of half a million dollars, we are soon going to expand our services into global markets and emerge as a leading B2B e-commerce company in the coming days by serving the dentists community across the globe”, said Shivaprasad Pinnapurala, CEO and Co-Founder of MyDentistChoice E-Commerce Portal.
With the latest new funding from US based investors Ramana Krosuri, Shiva Kumar Nimmala, Ravi Reddy Maraka, Ravi Jampana and a few others, MyDentistChoice.com is aiming to further expand its services in North America and is looking to grab the potential US markets.
“This new investment will give the required financial strength for the company to further venture into potential markets like the US. This will significantly help us to increase our market size and further increase our revenues. Apart from supplying dental equipment from about 100 different brands we are also planning to soon introduce our own brand with new technology to meet the consumer’s needs,” informed SivaPrasad.
Moving with a constant pace of growth, the company has set an ambitious goal of achieving a turnover of Rs.100 crore by 2020. “As part of company’s growth plan we have already signed multiple agreements with different vendors to supply products to 10 different countries and accordingly we have set our goals to achieve Rs.100 crore within next 3 years,” he further informed.
Aiming to increase profitability, the company is developing their own branded products. In the month of May 2018, the company had also organized dental scientific and trade event called TOPDENT in Vijayawada to delve into scientific aspects of dental technology and equipment.
Very soon the company is also planning to start its office in North America and is aiming to build a global dental network to connect with more dentists to supply products and services globally.
[Top Image – MYDentistChoice co-founders | Via – StartupHyderabad.com]