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| From L to R_Dr. Manjul Jain, Dr. Pravin Shetty, Dr Arpi Mehta, Dr. Anirudh Kale_Co-founders toothsi |
The company will use the funds to bolster its technology infrastructure and continue to expand its geographical footprint
Mumbai, 6 August, 2021: toothsi, India's leading direct-to-consumer clear aligner brand, has raised USD 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 USD 5 million as part of its Series A funding in January this year.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. 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 holds itself to the highest global standards, given the stringent focus on a quality orientation set by its orthodontist co-founders, some of whom are pioneers in Indian orthodontics.
Dr. Arpi Mehta, Co-founder & CEO, toothsi, commented,
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.
Dr. Prem Pavoor, Partner & Head of India, Eight Roads Ventures added, “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.”
Shashin Shah, Founder & Managing Partner, Think Investments said: “With a global market size of USD 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.”
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).
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Established in November 2018, toothsi is India’s first and largest at-home smile makeover service. The company is headquartered in Mumbai and has transformed more than 10,000 smiles, underlining its mission to provide Indians with access to pain-free, empathetic, and personalised smile correction services. It is led by orthodontic and technology experts who aspire to build a world class aligner offering to consumers, especially adults who shy away from braces. Having built out the treatment planning and manufacturing all inhouse, the company is able to offer a 60% lower price point to consumers as compared to most industry standards. With a team of 800 individuals and presence in 11 cities the company is now expanding into new frontiers and investing into R&D to further develop its core aligner technology as also build a seamless digitized consumer experience.
Even amidst the covid 19 pandemic, the company grew 5X. It aims to serve more than 1 lakh customers this year. The brand also has partnerships with over 1,000 dental clinics across the country for consumers to visit for any support. Along with this, toothsi’s teeth whitening kit is available across India for anyone to order and try.
Eight Roads Ventures invests in high-quality, high-growth companies in Asia, Europe, Israel and the US, with a focus on the healthcare, technology and consumer sectors. Eight Roads is committed to making the companies it invests into leaders in their industries through access to patient capital, a powerful network of resources, and a team of investment professionals with a proven track record of success. Eight Roads Ventures’ India healthcare portfolio includes Ashish Life Sciences, Caplin Steriles, Carestack, Cipla Health, Core Diagnostics, eKincare, Eywa Pharma, Immuneel Therapeutics, Laurus Labs, Medwell Ventures, Plasmagen Biosciences, OZiva, API Holdings (parent company of PharmEasy), Proximie, Richcore Lifesciences, Specsmakers, Trivitron Healthcare and Ujala Cygnus.
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