Vasa Denticity aka Dentalkart - The Indian Amazon of Dental supplies ?!

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Company entering into UK market by incorporating a 51% owned subsidiary in UK names Dentalkart Distribution UK Ltd.

https://nsearchives.nseindia.com/corporate/VASADENTICITY_05062025125819_Intimations_of_Subsidiary_UK_Investment.pdf

But the notice is completely silent about who will be holding rest 49% of the stake in this company. Does anyone knows who owns rest 49%?
I would prefer if they would have started 100% owned subsidiary unless other shareholder is contributing to something like local knowledge/network or other shareholder is famous dentist in UK or UK company in distribution business etc etc. I hate when companies do not disclose reason for giving away 49% stake in its subsidiary ( I had bad experience from my past investment)

Disclosure - invested so biased and worried…

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I was able to find the certificate of incorporation of the Dentalkart Distribution UK limited. on the DENTALKART DISTRIBUTION UK LTD filing history - Find and update company information - GOV.UK.

  • Company Name: Dentalkart Distribution UK Ltd
  • Incorporation Date: 21 May 2025
  • Country: United Kingdom (England & Wales)
  • Registered Address: 120 Honeysuckle Avenue, Cheltenham, GL53 0AT
  • Total Share Capital: 1,000 GBP (1,000 shares of 1 GBP each)
  • Shareholding:
    Vasa Denticity Limited – 510 shares (51%)
    SRK Equipments Ltd – 490 shares (49%)
  • SIC Codes:
    32500 – Manufacture of medical and dental instruments and supplies
    86230 – Dental practice activities
  • Purpose: Trading and distribution of dental products
  • Directors:
    Mr. Vikas Agarwal
    Mrs. Gauri Pradhan
    Mrs. Akanksha Aggarwal
    Mrs. Shivani Khanna
    Mr. Saurabh Agrawal
    Mrs. Anuja Sheoran
    Mr. Sandeep Aggarwal

Also I was able to find out SRK equipment is the business of Dental practice activities as the SIC mentioned in the incorporation of company documents reflects the following - 86230 – Dental practice activities.

Following are the certificate of incorporation which is publicly available for both Dentalkart Distribution UK Ltd and SRK equipment on the UK gov.in website.

16465504_newinc_2025-05-21.pdf (361.6 KB)
16170041_newinc_2025-01-08.pdf (346.7 KB)

(upload://6LRcQwGWF5Y2L28m1pmd4QUK8PE.pdf) (361.6 KB)

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Moats are crucial for a business to survive and thrive. Every company in an industry can create a moat, just as in nature only the fittest survive; companies are simply an extension of this principle.

What I like about this business:

  1. Total addressable market (TAM) – The TAM is large, but not so large that it invites extreme competition.

  2. “Extremistan” nature of business – A few scalable winners capture the majority of the market.

  3. Rising Indian middle class – Increased disposable income is driving higher spending on dental healthcare.

  4. Understanding the Indian consumer – The company provides strong value at affordable prices which was not possible earlier.

  5. Shift from unorganised to organised supply chain – It is leading the formalisation of the dental product supply chain.

  6. White-label branding – Building its own brand increases recognition, supports higher margins, and fosters trust.

  7. Limited consolidation among buyers – Even in developed markets, the dental clinics remains fragmented, allowing suppliers to command a premium.

  8. Developing a dental ecosystem – The company is actively building an integrated ecosystem (currently in development).

All of these moats are still in the build-up stage and require further strengthening. It is also important to remember that not every brand ultimately becomes profitable. Also to concise this post I have created one liners but each and every point can be expanded to pages for comprehensive understanding.

Disclaimer: Invested and biased. I have created this post with the little understanding that I have of the business will request the reader to do his own research.

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