Vasa Denticity is India’s largest online-first procurement platform for dentists, built to solve a simple problem: a clinic in a small town can’t get the right products because the local dealer stocks only a couple of hundred items. Founded by dental surgeon Dr. Vikas Agarwal, who bootstrapped the business from college, the company has grown from a Delhi-NCR seller to an all-India platform under the brand Dentalkart.com, reaching roughly ₹279 crore in revenue by FY26 without burning venture capital. The recurring approach is to use a deep online catalogue, a mobile-first buying experience, and a growing warehouse network to replace the fragmented offline supply chain - and then layer on higher-margin own brands, digital equipment, and lab services that lock in the customer relationship. # Business segments A single core engine - an online dental procurement platform - that earns its keep through product sales, then deepens the relationship with own-brand products, high-ticket digital equipment, and a dental lab that makes custom prosthetics. ## 1. Dentalkart.com: India’s online super-stockist for dentists **A mobile-first marketplace that stocks roughly 100 times the assortment of a typical local dealer and ships to over 19,000 pin codes, turning a fragmented offline supply chain into a one-stop digital procurement habit.** - **One-stop catalogue replaces the local dealer** - the platform carries approximately 23,000 SKUs across consumables, instruments, and equipment, sourced from over 450 domestic and international brands, whereas a typical neighbourhood dental stockist holds only 200-250 items. That breadth means a dentist in a Tier-3 town can buy gloves, impression material, and a high-end implant in a single order instead of chasing three different suppliers. - **Built for the phone, not the desktop** - roughly 79% of FY26 mobile GMV came through the mobile app, matching how India’s 3.8 lakh-plus registered dentists actually transact during clinic hours. The tech stack includes AI-powered search, one-step checkout, and self-service refunds, so reordering a familiar product takes seconds. - **Warehouses shrink delivery times** - the company operates 62,700 square feet across four hubs and is adding nodes in cities like Nagpur, Kolkata, and Guwahati, which has pulled average delivery turnaround from 5.5 days in FY23 to 4.2 days in FY26. Same-day delivery is already live in Delhi, Mumbai, and parts of Bangalore, and the existing infrastructure can handle three times the current order volume. - **Data tells it what to stock where** - ten years of customer-level transaction history feed a data warehouse that guides pin-code-level inventory planning, assortment design, and pricing, so a clinic in Guwahati sees products that are actually in demand in Guwahati. The company also runs an in-house price-monitoring tool and maintains a single national price, citing compliance with India’s competition rules. - **Repeat behaviour is the moat** - the platform served 1.44 lakh active buyers in FY26 and shipped 7.60 lakh orders; two in three new customers return within six months, and 40% place a repeat order within 30 days. The product return rate sits at just 1.8%, suggesting dentists usually get what they expected. ## 2. Own brands: higher margin, same checkout **Private-label products - led by the Waldent brand - contribute nearly half of sales and give the company pricing power while keeping the platform neutral enough that third-party brands still want to be there.** - **Made elsewhere, sold under its own name** - the company imports white-label products from close to 30 countries, including China, South Korea, Brazil, and Germany, and sells them under a portfolio of over 45 proprietary brands. These products must be registered with India’s drug regulator before sale, which creates long lead times but also a barrier for copycats. - **Exclusive deals act like own brands** - the company also acts as master distributor for certain international brands in India, such as Baldus nitrous-oxide sedatives, and treats these exclusive relationships as “own brands” for margin purposes because it controls the India supply. - **Stockouts are the pinch point** - own-brand inventory is bulkier than distributed goods because of minimum order quantities from overseas factories and the need to spread stock across multiple warehouses; stockouts hit 33% at one stage before being brought down to around 15%, with the normal band being 5-7%. ## 3. Digital dentistry: the high-ticket gateway to a clinic’s lifetime value **A specialist division selling intraoral scanners, 3D printers, and CAD/CAM milling units to the 96% of Indian clinics that have not yet gone digital - where a single equipment sale unlocks five to ten times the lifetime value of a consumables-only customer.** - **Sells the clinic’s biggest purchases** - launched in September 2025, the division carries clinic-grade equipment including BLZ-brand intraoral scanners, milling units, imaging machines, and sterilisation systems, with an average invoice of nearly ₹7 lakh in Q4 FY26. These are infrequent, high-consideration buys that open the door to ongoing revenue from consumables, repairs, and training. - **Exclusive manufacturer tie-ups** - the company has secured multiple exclusive partnerships with equipment makers around the world, particularly in larger categories, which helps it avoid price wars on big-ticket items. ## 4. Smileworks: the lab that makes the crown **A subsidiary dental laboratory manufacturing custom crowns, bridges, and prosthetics - currently Delhi-NCR focused with a ₹4.8 crore annual run rate - that completes the clinic-to-lab workflow.** - **Custom, not off-the-shelf** - Smileworks produces patient-specific prostheses after a dentist takes an impression, using a fully digital workflow for both internal production and communication between the doctor and the lab’s technicians and ceramists. These are made-to-order medical devices, not stocked products. - **Small today, strategic tomorrow** - the lab operates mainly in Delhi NCR with some supply into Punjab and Haryana, and forms part of the long-term vision to offer seamless clinic-lab workflows as a piece of “India’s dental infrastructure”. It also serves as a demonstration channel, sponsoring workshops where dentists see intraoral scanning and digital dentistry in action. # Group structure and partners **A listed parent with three small subsidiaries - one making instruments, one making prosthetics, and one distributing in the UK - plus a clean promoter-led governance setup.** - Vasa Denticity Ltd is the listed entity, trading on the NSE SME Emerge platform under the symbol DENTALKART; the promoters are co-founders Dr. Vikas Aggarwal (Co-Founder & CEO) and Mr. Sandeep Aggarwal (Co-Founder & Whole-Time Director and, since May 2026, CFO). - Waldent Innovations Private Limited is a wholly owned subsidiary acquired in August 2023, engaged in manufacturing and trading surgical instruments, diagnostic equipment, and medical disposables. - Smileworks Private Limited is a 60% subsidiary incorporated in October 2024, manufacturing custom dental prostheses and related products; the parent’s investment stood at ₹1.81 crore as of March 2025. - Dentalkart Distribution UK Limited is a 51% subsidiary formed in May 2025 in England and Wales, focused on distributing the company’s dental products in the UK and neighbouring regions. - Together, the three subsidiaries contributed approximately ₹2.3 crore, which was included in the segment revenue shown for FY26. - A proposed acquisition of a 51% stake in IDS Denmed was mutually withdrawn in May 2026 after diligence showed the two businesses were at different stages of digital maturity; management chose to focus exclusively on the Dentalkart.com core. - Malabar India Fund Limited, a non-promoter investor, fully converted all 8,65,052 warrants by May 2026, taking its shareholding to 6.43%.