New Delhi: A market leader and rapidly-growing platform for skin, hair and aesthetic wellness, MyDermacy, has raised a fresh round of undisclosed funding from Cyber Carrier, an India-focused Chinese venture capital fund as well as existing investors. The current round has been reportedly raised against fresh equity amounting to 15%-18%. This is a second round of funding having previously raised $150,000 from prominent angels including Promoters of Spectranet and Mr. Daljit Singh (President – Fortis Healthcare), besides others.
Cyber Carrier, which launched with a target corpus of $45million by China headquartered intelligent mobile advertising platform Yeahmobi, founded by Peter Zou, had recently announced plans to back startups in India.The early stage venture fund usually invests $50,000 to $3 million in the second and third round of funding.
The 2-year-old health and wellness startup, MyDermacy commenced its journey as an online Q&A platform allowing people to consult online with qualified dermatologists for skin, hair and other wellness-centric concerns.
The venture has expanded it’s scope from valuable online consultations to adding personalized aesthetic packages such as Laser Hair Reduction, Tattoo Removal, Hair Transplants, etc. with dermatologists and plastic surgeons, along with providing informative content to educate and spread awareness amongst rapidly growing, aesthetically conscious population. MyDermacy performs quality assessment of clinics through its “trusted clinics” certification that ensures the highest quality care for its customers, and global best practices for aesthetic clinics.
The business has been growing consistently since inception with a healthy 70%-100% growth Q-o-Q, with positive unit metrics. MyDermacy has a unique business model with a host of value added services on the B2B side contributing further to the profitability, whilst bringing more doctors into main stream aesthetic medicine.
Founder & Chief Executive Officer at MyDermacy, Ankit Khurana said, “This funding will primarily be utilized towards the expansion of the product offering and leadership hiring. The health and wellness industry is undergoing a revolution in terms of technology and services. MyDermacy is focused on being at the forefront of this change in the digital world. While many consumers endure various problems in discovering and buying the ideal solutions for their skin and hair, through MyDermacy, we strive to bring transparency and credibility to people searching for aesthetic results. We are also working on our next level of a diversified product offering on both consumer and B2B side. The investment from Cyber Carrier for our venture has allowed us to aggressively execute our strategically-planned expansion in the tremendous and competitive wellness market in the country.”
India currently ranks number 4 globally in the number of aesthetic procedures done including surgical and non-surgical. The beauty and wellness industry in India has a huge market and currently stands at around INR 615 billion with CAGR of 14% as per Technopak.
According to Jessica Wong, Founder and Managing Partner at Cyber Carrier: “MyDermacy is targeting a large market, with immense understanding of both the consumer and the business. The team has been deeply immersed in the industry for many decades now, and has demonstrated strong strategic and execution capabilities. We look forward to supporting the team in realizing their vision to be the largest aesthetic brand in the country.”
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