Toothsi raises $20 million
A tech-enabled dental care D2C startup Toothsi announced on 6 Augusr 2021 that it has raised $20 million in a Series B round of funding led by Eight Roads Ventures, Think Investments and the Mankekar Family Office.
Vishal Agrawal (vice president, BlackRock Asia), Siddharth Shah and Dharmil Sheth (co-founders of PharmEasy), Ramakant Sharma (co-founder of Livspace) and Karan Singh (India managing director for Bain & Company), also pitched in the funding round.
This funding round follows the $5 million the startup had raised in January this year as part of its Series A funding round.
Founded in November 2018 by orthodontists Dr. Arpi Mehta, Dr. Pravin Shetty, Dr. Manjul Jain, and Dr. Anirudh Kale, Toothsi with its panel of expert technicians, provides customers with at-home, teeth-straightening, clinically-oriented cosmetology services using invisible, 3D-printed clear aligner technology.
Clear aligners have emerged as the favoured technology for smile correction over traditionally-used braces and the trend is rapidly picking up pace in India.
It has also rolled out a teeth-whitening kit for the consumers. Presently, Toothsi has more than 10,000 customers across eight cities.
According to Arpi Mehta, Co-founder and CEO, Toothsi, the company’s revenue has grown by 200 percent over the last six months and claims to have grown 5X during the pandemic.
According to an official statement, the startup will use the fresh capital to bolster its technology infrastructure, strengthen its team and continue to expand its geographical footprint across the country.
It is looking forward to serving over 1 lakh customers this year.
“Our partnership with Toothsi demonstrates our continued excitement around consumer-driven healthcare in a post-pandemic world. We are excited by the opportunity that clear aligners present to transform traditional orthodontic technologies and practices," said Dr. Prem Pavoor, partner & India head, Eight Roads Ventures.
“With a global market size of $5 billion, clear aligners are gaining popularity in major markets around the world, and India is no exception. We see immense potential for companies in this industry and toothsi has positioned itself as a market leader," said Shashin Shah, founder and managing partner, Think Investments.