INDIA – Oliva Skin & Hair Clinic, a leading chain of dermatology clinics in India, has sold a majority stake to Kedaara Capital, one of the top investment management companies in Mumbai, India.
Backed by InvAscent-advised India Life Sciences Fund II, the chain of dermatology clinics has grown from a 4-centre Hyderabad-based operation to a network of 23 centers across 7 cities in India.
Oliva follows a clinician-focused approach with consultations done only by its strong roster of over 90 dermatologists to provide the best possible skin and hair care products and treatments.
Following the strategic partnership to grow the brand internationally, Kedaara will support and fuel Oliva’s growth toward realizing its vision of becoming India’s foremost medico-aesthetic dermatology chain.
The strategic deal with Oliva marks Kedaara’s third investment in the single speciality healthcare segment at a time when aesthetic dermatology treatments have seen a steady rise in demand around the world.
The global aesthetic medicine market size was valued at US$99.1 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 14.5% from 2022 to 2030.
Growing demand for the market is due to with increasing disposable incomes, the rise in prominence of non-invasive technology for treatments, and the 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,” Dr. Prashant Soma, Co-founder & Chief Executive Officer (CEO) of Oliva Skin & Hair Clinic, said in a statement.
He pointed out that structurally, organized chains are expected to gain a share from standalone clinics in the coming years.
“There is an opportunity for key players such as Oliva which have the right mix of medical and aesthetic treatments to consolidate the fragmented market through accretive tuck-in acquisitions,” he underscored.
In line with the terms of the transaction, the acquisition by Kedaara Capital will provide an exit to InvAscent, which invested in Oliva in 2014.
“We acknowledge the InvAscent team for its valuable guidance and support, which helped us emerge as a leading player in the dermatology space,” stated Dr. Prashant Soma.
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