Direct-to-consumer clear aligner brand, toothsi, has raised $20 million in a Series B funding round led by Eight Roads Ventures (a global 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, a release said.
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.
Clear aligners have emerged as the preferred technology over traditional braces for smile correction, driven by strong adoption in the US and Europe, the release added.
This trend is rapidly picking up pace in India too, spearheaded by toothsi clear aligners. Their customised transparent trays offer comparable treatment outcomes with higher comfort and convenience over braces. Consumers can easily remove their aligners before a meal or attend special occasions, unlike the limitations of traditional orthodontic treatment.
The company has seen impressive traction, with revenues growing by 200% over the last six months.
toothsi Co-founder and CEO Dr. Arpi Mehta said, “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,” Mehta added.
Eight Roads Ventures Partner & Head of India Dr. Prem Pavoor said, “Our partnership with toothsi demonstrates our continued excitement around consumer-driven healthcare in a post-pandemic world.”
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.
The round has also seen participation from Vishal Agrawal (Vice President, Blackrock Asia), Siddharth Shah and Dharmil Sheth (Co-founders, PharmEasy), Ramakant Sharma (Co-founder, Livspace) and Karan Singh (India Managing Director for Bain & Company).
Think Investments Founder & Managing Partner Shashin Shah said, “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,” Shah added.