Based in Mauritius, Indian focussed venture fund Helion Venture Partners has reportedly exited the dental care startup Today’s Health Care, three years after pouring in $3.9 Mn (INR 27 Cr) for a 40% stake in the latter. As per an ET report, The Clove Dental Chain, run by Star Dental has bought its share.
The terms of the deal have not been disclosed, but according to a person close to the development, the exit was made due to “not so attractive returns.” As per the ET report, the deal has been confirmed by Sekhar Chennupati, Managing Director of Today’s Healthcare.
Founded in 2006, Helion Venture Partners is an early to mid-stage India focused venture fund. It invests in technology based businesses such as ecommerce, online services, mobility, enterprise software and outsourcing. Till date, the firm has partnered with over sixty companies including Housing.com, redbus, makemytrip, TaxiForSure, and Komli. Ideally the investment amount infused by Helion ranges from $1 Mn to $10 Mn.
Commenting on the development, Amrinder Pal, CEO, Star Dental said, “Helion’s 40% stake was bought over by Clove Dental and Dr Chennupati has been appointed as a member in the board of Clove with a minority stake post acquisition.”
Helion had launched its first fund of $140 Mn, in 2006. This was followed by a $210 Mn fund in 2008 and a third one of $255 Mn in 2012. In 2015, it launched its fourth fund with a corpus of $250 Mn, focussing on startups in the IT sector.
In March 2015, Helion Ventures sold its entire stake of 0.2%, estimated to be worth INR 156 Cr in Flipkart. Earlier last week, CIO Angel Network (CAN) made its first successful exit in investments, with Bengaluru-based security solution provider InstaSafe, for an undisclosed amount within 18 months of backing the startup.
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