Beauty startup VCare targets market leadership, IPO in 1-2 years: CEO

Aesthetic and wellness company, VCare is gearing up for a rapid expansion across India. With 83 clinics spanning seven states, including 15 in Karnataka, the company has been steadily consolidating its position as the second-largest aesthetic brand in India.

Riding on the growing popularity of Korean beauty trends and advanced skin treatment technologies, VCare is now bringing a curated K-beauty experience to cities like Chennai, Hyderabad, and Bengaluru.

The company's expansion strategy is rooted in deep research and innovation. VCare CEO Mukundan Satyanarayanan says the company has invested time studying Korean aesthetic practices, including the "single day transformation package," which combines multiple FDA-approved machines to deliver visible results in one session.

After nine months of customisation and over 100 clinical trials to suit Indian skin, this approach forms the cornerstone of VCare's new centres.

While VCare has traditionally been South-centric, the company plans to broaden its footprint to non-Hindi speaking states like Odisha and Maharashtra before entering North India.

The focus on research and development, backed by an in-house team of chemists, doctors, and pharmacists, ensures that nearly 95% of the products used across VCare clinics are developed and manufactured in-house. Select international products from Germany, France, and Korea are integrated only after being adapted to Indian skin.

Technology and innovation remain a key differentiator for VCare. The company is leveraging AI in diagnostics, treatments, and even product recommendations, ensuring precise, personalised solutions for clients.

With a market turnover nearing ₹400 crore and a target to become India's number one aesthetic brand in the next financial year, VCare is also laying the groundwork for an IPO, expected in the next 1-2 years after consolidation of its North India operations.

Edited interview excerpts with Mukundan Satyanarayanan:

On the core of VCare's expansion,

"See actually we are a 22-year-old aesthetic brand with 83 clinics across South India, present in seven states. Korea is creating a lot of fanfare in India today with K-beauty and K-pop. We studied clinics in Seoul and identified a concept called the single-day transformation package, using 7-10 machines in one session to bring visible results. It took about nine months to adapt this to Indian skin, followed by over 100 clinical trials. Now we are ready to deliver a true K-beauty experience alongside treatments for prevalent skin disorders, with FDA-approved machines and strong diagnostic procedures."

On expansion beyond the South,

"Our mainstream clinics attract people from all walks of life. Next, we are expanding to Odisha and parts of Maharashtra, with a structured plan to cover non-Hindi speaking states first. We are the second-largest aesthetic company in India and aim to become number one in the next year. R&D is central to our growth, with more than 35 people working in research, and nearly all products used in clinics are developed and manufactured by us. We are also selectively importing products from abroad, adapted for Indian skin, including an exclusive range from Korea."

On regulatory challenges and competitive pressures,

"We have four diagnostic tools and 12 treatment machines. With a strong regulatory team, we follow all procedures for machine registration and import. The government has been supportive, and we haven't faced major challenges. The only competitive requirement is to stay updated with global technology. We have pioneered techniques like PRP, GFC, and autologous exosomes in India. This industry is ever-growing, even resilient through COVID."

On market share and AI integration,

"Currently, we are close to ₹400 crore, holding the second position in the Indian aesthetic market. With our South-centric presence, large clinics, and patient volumes, we expect to reach the top position in the next financial year. We leverage AI in diagnostics, treatments, and product recommendations. For example, patient photos are compared with a database of 15 lakh people to generate insights, which doctors finetune. Some equipment also adjusts automatically based on body parameters."

On IPO plans,

"Yes, we have plans for an IPO, likely in the next 1-2 years. Our immediate focus is consolidating our North India presence before going public."

VCare CEO Mukundan Satyanarayanan interacted with CNBC-TV18 on the sidelines of the launch of the state-of-the-art Centre of Excellence in Bengaluru.

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