South Korea-based Paramark, IIFL, and the family office of Medlife cofounders, Think Investments and the Mankekar family office also participated in this round
toothsi wants to further expand its reach in Tier 2 cities in the near future
The startup also plans to invest in robotic automation for aligner manufacturing and further scale its technology platform, operations
Dental tech startup toothsi has raised $40 Mn in Series C funding round. With the fresh capital, the startup intends to focus on deeper geographic penetration and category expansion.
Along with Eight Roads Ventures, South Korea-based Paramark, IIFL, and the family office of Medlife cofounders: Prashant Singh and Tushar Kumar, existing investors Think Investments and the Mankekar family office also participated in this round.
The round also saw participation from angel investors such as Aditya Puri, former managing director of HDFC Bank and Karan Singh, managing partner of Bain & Company’s India offices.
Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kale, toothsi provides customers with teeth alignment treatment at home. It claims to have designed smile makeovers for 140,000 customers in India with invisible, 3D-printed clear aligner technology.
“The brand intends to be the one-stop platform for doctor-directed solutions for cosmetic dentistry and dermatology. The support of our investors has empowered us to bring to life our vision of building a first-of-its-kind clinical beauty technology brand. We, at toothsi, intend to use this capital to build a great team for further geographic penetration and category expansion,” Dr Arpi Mehta Shah, cofounder and CEO of toothsi said.
At the beginning of this year, toothsi raised $9 Mn in a debt funding round led by Stride Ventures. In August last year, it had raised $20 Mn in a Series B funding round led by Eight Roads Ventures, San Francisco-based Think Investments and the Mankekar Family Office.
For a seamless customer experience, toothsi aims to further scale its technology platform and operations. In addition, it plans to invest in robotic automation for aligner manufacturing.
toothsi currently claims to have more than 2,000 partner dental centres across India. The startup intends to further expand its reach in Tier 2 cities in the near future.
“We are pleased to deepen our partnership with Toothsi. Since our first, smaller investment last year, the company has continued its successful transformation into a leading clinical cosmetology brand,” Dr Prem Pavoor, senior partner, head of India and healthcare investments, Eight Roads Ventures, said.
It is to be noted that toothsi is also working on its sister brand ‘skinnsi’ which provides at-home laser-assisted cosmetology services. Over the past few months, it has introduced a variety of dental and skin self-care products including an innovative teeth whitening and oral hygiene product line.
In the past few months, a number of healthtech startups garnered investments. Some of these startups include Medikabazaar, Medfin, Loophealth and Phable.
According to Inc42 Plus analysis, Indian healthtech startups raised close to $2.2 Bn across 131 deals in 2021. There were 3,548 active startups in the healthtech space in 2021, accounting for 8.9% of the startup world that comprises 39,960 companies.
The healthtech sector in India, with more than 5,000 startups, is all set to grow at a CAGR of 39% to touch $5 Bn by 2023, according to a report by RBSA Advisors. Moreover, it is expected to reach $50 Bn by 2033.
