Perth-based Cosmetique Clinic owner Stormeur has gone to the market to raise up to $7 million to fund the expansion of its non-surgical services network.
Cosmetique operates nationally, having grown to 17 clinics across five states since it was founded in 2017 by health professionals Vivek and Kalyani Eranki, who have backgrounds in cosmetic surgery and dentistry, respectively.
Launched on the Liquidity fundraising platform, the group is planning to sell down about 40 per cent of its equity to raise the funds aim largely at expansion, including four new clinics across NSW and Victoria.
Dr Eranki said he and his wife had a track record of successfully scaling health businesses, including a dental practice they grew to four outlets before selling to a national business.
He said the pair had done similar ventures in the fields of occupational health, general practice, surgical practices, and licensed hospitals, and had developed a cost-effective method of rolling out new clinics without compromising service standards or safety.
“This is not the first business we have opened,” said Dr Eranki, who is executive chair.
“We were well and truly seasoned in the health sector before we entered the cosmetic business.”
Dr Eranki retired from medical practice in 2021 to concentrate exclusively on directorial and executive roles, while his wife will resign as a director of Stormeur at the successful completion of the IPO to continue as an adviser and contractor.
The company’s prospectus shows revenue for the year ending June 30 2023 was almost $6.4 million, while the turnover for the first half of the 2024 financial year was $3.4 million, slightly down from the previous corresponding period.
It has made losses in recent years, according to information the IPO document.
