Kedaara Capital Acquires Majority Stake in Oliva Skin & Hair Clinic, a market leading medico-aesthetic dermatology services player in India
The investment aims to fuel expansion plans to solidify Oliva’s position as a leading aesthetic dermatology player with a pan-India reach
National, 13th March, 2023: Oliva Skin & Hair Clinic, one of India’s leading medico-aesthetic dermatology services players, today 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. The transaction will also provide an exit to InvAscent, which invested in the company in 2014.
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. Over time, Oliva has also established a high-quality and coveted training program where dermatologists and technicians are trained on its best-in-class treatment protocols and SOPs thereby ensuring consistent and superior clinical outcomes across it centers.
Dr Prashant Soma, Co-founder & CEO, Oliva Skin & Hair Clinic said, “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.”
Nishant Sharma, Founder, CIO & Managing Partner of Kedaara Capital said, “Oliva has created a scalable, replicable model with a strong focus on delivering superior outcomes especially for complex treatments requiring clinical intervention. Moreover, its highly experienced and well-trained clinical team has become a hallmark of excellence in the medical fraternity. 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.” Ashutosh Sardesai, Director at Kedaara Capital added, “Kedaara, with its operational expertise and experience in healthcare, will support Oliva in the next step of its growth journey and in realising its vision of becoming the most trusted brand for world-class medico-aesthetic dermatology services in India. We also look forward to partnering with like-minded and culturally aligned dermatologists to form a scaled dermatology business with patient centricity and clinical excellence as its bed rock.”
T P Devarajan, Senior Managing Director, InvAscent said, “We partnered with Dr Prashant when Oliva was largely a Hyderabad focused chain. Since then, Oliva has successfully navigated the challenges of scaling. Through this journey, Oliva has provided high quality derma services to numerous clients. We wish Dr. Prashant and team the very best in their journey to scale Oliva across the country. In Kedaara, Oliva has chosen the right partner to support its growth.”
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 Legal acted as legal counsel to Kedaara Capital and Quillon Partners acted as legal counsel to InvAscent.
Founded in 2009 by Dr. Prashant Soma, Oliva Skin & Hair Clinic (“Oliva”) is a leading provider of dermatologist-led cosmetic dermatology services for a wide variety of skin and hair care concerns. The company is a fast-growing chain with 23 state-of-the-art dermatology clinics in seven major cities including Hyderabad, Bengaluru, Chennai, Pune, Kolkata, Kochi, and Vizag. Some of the key treatments offered by Oliva include laser hair removal, hair platelet-rich plasma (PRP), laser toning for skin, chemical peels, acne scar removal, body contouring, skin tightening, Botox, and dermal fillers. Company also sells Oliva branded therapeutic products, and other essential products for skin and hair care at its centers and their online store.
Deeply committed to providing consistent and high-quality care across centers, Oliva has a strong set of well-defined and standardized SOPs along with state-of-the-art FDA approved equipment at all centers, thereby establishing a reputation for its ability to manage complex treatments as it continues its mission to revolutionize the quality of care by making safe and effective advanced skin and hair treatments accessible to all, and consequently become the most trusted brand for world-class dermatology services in India. For further information about Oliva, please visit: www.olivaclinic.com
About Kedaara Capital
Kedaara is an operationally oriented private equity firm pursuing control and minority investment opportunities in India. It currently advises / manages over ~US$ 3.6 billion through investments in several market leading businesses across a variety of sectors including consumer, financial services, pharma/healthcare, technology / business services and industrials. Kedaara’s operating partner model comprising former CEOs with proven track records of building market leading businesses enabling them to realize their full potential. Since its inception, Kedaara has remained singularly dedicated to its stated strategy of focusing on investments built through trust-based relationships with best-in-class entrepreneurs and management teams across secular fast growing end markets. Kedaara was co-founded by Sunish Sharma, Nishant Sharma and Manish Kejriwal and combines the strengths of a well-networked, highly experienced local investing and operating team, with the experience of their strategic partner, Clayton, Dubilier & Rice, a global private equity firm whose investment model blends financial skills with operating expertise. For further information about Kedaara, please visit: https://www.kedaara.com