The company will use the funds to bolster its technology infrastructure and continue to expand its geographical footprint
Direct-to-consumer clear aligner brand toothsi announced on Friday to have raised $20 million in a Series B funding round led by Eight Roads Ventures (investment firm backed by Fidelity), San Francisco-based Think Investments, and the Mankekar Family Office. The company had previously raised $5 million as part of its Series A funding in January this year.
The round has also seen participation from Vishal Agrawal (Blackrock Asia), Siddharth Shah and Dharmil Sheth (PharmEasy), Ramakant Sharma (Livspace), and Karan Singh (Bain & Co.).
“toothsi leverages its tech-enabled platform and panel of expert clinicians to provide at-home, clinically-oriented cosmetology services. Combining a world-class orthodontic tradition with the most innovative technology backbone and a vertically integrated business model, we envision toothsi becoming the global go-to destination for smile transformation. We are grateful to our incoming investors and partners for believing in our vision. We look forward to their continued support and guidance,” said Dr. Arpi Mehta, co-founder, and chief executive officer, toothsi.
The company will leverage the capital infusion to scale to new cities across the country. It will also invest in technology to bolster its core platform, strengthen its team, and build the brand.
“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. We look forward to partnering with Arpi, Pravin, Manjul, and Anirudh who are well on their path to building a dominant leader in this segment that adheres to the highest quality standards,” commented Dr. Prem Pavoor, partner and head of India, Eight Roads Ventures.
Founded in 2018 by eminent orthodontists, Dr. Arpi Mehta, Dr. Pravin Shetty, Dr. Manjul Jain, and Dr. Anirudh Kale, toothsi has already delivered smile makeovers to over 10,000 customers in 8 cities in India. toothsi provides customers with access to at-home, new-age teeth straightening with invisible, 3D-printed clear aligner technology.
“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. We are excited about adding to our Series A investment in the company and look forward to supporting the company through its current fundraise and beyond,” added Shashin Shah, founder, and managing partner, Think Investments.
The company has seen impressive traction, with revenues growing by 200 per cent over the last six months.