Sharing the latest update
https://nsearchives.nseindia.com/corporate/DENTALKART_27112024154149_Outcome_Equity_and_Warrants.pdf
Great news. The Malabar India Fund Limited is a shareholder in Vasa Denticity.
Invested and Biased.
dr.vikas
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Interesting pick and thank you for starting this thread @vikasbargale
Seems an interesting pick but company projecting ambitious growth targets in the public and then retracting by saying they were internal targets raises more than an eyebrow.
Also, recently KMP’s - company secretary and CFO have resigned. I think ex-CFO, Sandeep Aggarwal is MD’s brother but couldn’t get confirmation on the same. The name seems to be the same in the shareholder/promoters list on screener.
New appointee is also an Agarwal @ Gaurav Agarwal but with a single ‘g’ 
Are they related? It would have been nice if they could have qualified it in the disclosure to the exchanges including reasons for resignation.
Any clarifications on the same @vikasbargale
Got interested in this as my sister is a practising Dentist with a clinic of her own and TAM/opportunity size seems huge. But talking to her she said they have only ordered from Vasa during COVID and now source all their materials from mostly local suppliers.
Will update if i can learn anything more from her extended circle
Discl: not invested but tracking
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Thanks Swaroop.
Yes. Both of your points are valid. No doubt about them.
Good thing is share holding of Sandeep Aggarwal is still the same. And he was not only present in the recent concall, but also answered few of the queries.
So “maybe” the newly entered institutions have asked for professional CFO aka Gaurav Agrawal.
And even if this thesis goes wrong in long-term , thats where the portfolio diversification comes in. Its 7% of my portfolio.
Lets see how this pans out.
Again personal opinion.
dr.vikas
4 Likes
So FIIs are coming in. But both Ashish Kacholia and Mukul Agarwal have reduced their stake by a bit.
I am just sharing.
Invested and biased.
dr.vikas
3 Likes
From the Q4 FY 24 Concall notes
" 11cr receivables are showing wrong bcz they were COD orders and our delivery boys collected that money."
Does this sound right? Haven’t heard anything like this before.
Please note in December quarter shareholding pattern as shown in Screener.in, both Mr. Ashish Kacholia and Mr. Mukul Mahavir’s holdings are back to where they were. That is good news. Awaiting for the December quarter results.
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Customers do not seem to be happy with their service. Almost all reviews are negative and issues are regarding delivery ,refunds and poor customer service. Some of the reviews are positive but they are marked as FAKE by mouth shut.
2 negative reviews for entire 2024 for a B2C company…not bad for a company with estimated deliveries of around 5 Lakh for Calendar year 2024.
As company grows, it improves its infrastructure like IT , warehouses, customer service res etc so old reviews are not pertinent for this discussion.
Disclosure - invested
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In case of Vasa (this business is actually more like B2B as they are selling to small businesses at the end of the day) mostly reviews will be negative only as that is what people share… nobody comes online share positive reviews if things are going well… so, this has to be taken with a bucket of salt…
What really should be seen is the repeat rate and increase in the average transaction value… if both are trending positive, it means customers are happy at large…
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There are 226 votes in total and 1.14 is the average rating out of 5. Most of the review comments (they are not just 2) are related to company not processing refunds. This is a customer trust issue and that worries me. However I agree that with improved IT , warehouses and infrastructure, the company would be able to provide better service but that remains to be seen if they can maintain good service. In an e-commerce business, execution is the key.
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I would partially agree and partially disagree with your post. People do share good feedbacks too. We can find it for lot of products on amazon so why not here?.
Now any website is guaranteed to have negative reviews as at the end of day, it is humans who are giving service and can make mistakes but we need to see what on average customers have to say. Let us say out of 10 customers, 6 to 7 customers like shopping there and 2-3 do not then its still acceptable. So I would agree that if we have high repeat rate and increase in transaction value then I guess we can ignore the negative reviews.
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About negative reviews, sharing my experience here. I run a small nursing home in a tier 3 city. When I posted my hospital on my Google Business profile for the first few months, I got only negative reviews even when I see around 30 patients daily.
It’s like this - While driving, you will only remember about the guy who cut you / overtook from the wrong side or who was honking loudly unnecessarily. But we easily forget all the other drivers who follow the rules properly.
Same way, only unhappy patients used to post bad reviews. But since the last 2/3 years, I have started taking reviews from happy patients, my ratings jumped to 4.8.
So this alone can’t be the criterion for a bad business.
Just sharing my thoughts.
dr.vikas
5 Likes
Your argument makes sense however Dental Kart was launched in 2016. So it has been around for 8 years. Isn’t it enough time to get some good reviews? Again complaints like customer service not delivering services on time or late delivery of goods can be attributable to lack of scale, funding and man power which can be improved however there are lots of complaints mentioning that the company is not refunding the customer’s money which constitutes fraud. However I agree with Chirag more that we need to see a general trend of customer reviews. If repeat orders are increasing and average transaction value is seen to be increasing then we can ignore the reviews and assume safely that these are exceptions and not the norm. Anyway, nobody had raised this issue so I thought I will put it here.
Also, I dont get the reason as to why this portal is considered as secondary choice. Dentists prefer to buy from local suppliers and in case they don’t find certain items, they opt for DentalKart. Is it about pricing or quality or lack of trust?
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Just to put things in perspective - Myntra has 1.87 rating on MYNTRA Reviews and Ratings | MouthShut.com. usually people come to these forums to complaint, and not praise. I have no idea about company or its credentials, so not saying positive or negative about dentalkart.
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This shows good and bad reviews both can be funded. If AOV and other metrics are reliable, reviews to some extent can be kept at the bottom of the narrowing pyramid (top to bottom).
Not invested but tracking since 2 years
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I am just sharing the latest update about the rating update by CRISIL.
Invested and biased.
dr.vikas
I checked with my local dentist in a tier 3 town and he was using dentalkart. He was happy with the service. I am already invested.
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The latest results are out. Please find the links below for the same.
I hope you find it useful.
Invested and Biased.
dr.vikas
2 Likes
Here is the latest investor presentation by Vasa Denticity
https://nsearchives.nseindia.com/corporate/VASADENTICITY_12032025113619_Investor_PPT_Q3.pdf
I am just sharing.
Invested and Biased.
dr.vikas