Dental tech startup, Toothsi, successfully raised Rs. 100 crores ($13 million USD) in their latest round of funding. Earlier, Stride Ventures loaned them a massive $9 million USD
According to the start-up, Toothsi has puth forth a specific resolution to issue 460053 CCPS VI at an issue price of Rs 2173.66 per share at a consideration of Rs 100 crore.
According to estimates, Toothsi set a post funding valuation of $252 million. Up till now, the company has raised $47 million in equity 9 months ago and $20 million in a round of funding last year.
Toothsi is a dental tech company that deals with consumers directly. They don’t have any clinics; their employees come directly to the comfort of your home to consult you and provide clear aligners for your teeth. The startup was founded by four qualified and experienced dentists.
One of the founders, Dr. Arpi Mehta said that children in developed countries receive their first dental consultation at the age of seven on average. However, in India, most people do not understand the importance of dental care by the time they are late teens or in their twenties.
The concept of using metal braces and getting them fixed is such an invasive way for most adults and they would prefer to live without going through teeth alignment. Therefore, Dr. Arpi Mehta realized that clear aligners form a good solution to this issue and came up with the idea for Toothsi
They work with other orthodontists, technicians, planners and customer care companies to provide you with clear aligners from the comfort of your own home.
The Mumbai based start-up which was founded just in 2018, uses clear align technology to produce their aligners. So far, they have they sold over a million aligners.
Aligners aren’t the only product they sell as they recently dipped into other orthodontic products such as sonic toothbrushes, teeth whitening products and aligner accessories. The founders also recently launched a skincare company named Skinnsi that offers laser removal services as well as derma facials.
During the financial year that’s passing, Toothsi saw their revenue multiply 2.88 times, from Rs. 5.06 crore to all the way to Rs. 14.06 crore. Consequently, their cost shot up 3.46 times to almost Rs. 44 crores and they ended up losing Rs. 28.94 crore in the process this year as compared to a Rs. 7.54 crore loss during the previous one.
It almost seems as if Toothsi is digging up a hole so big; one that they can’t navigate out of. Over the past two years, they have received so much funding, one of which is massive loan which has to eventually be paid off. Time will tell if they end up being one of the success stories of the start-up world.
