toothsi, a direct-to-consumer clear aligner brand, has raised $20 million in a Series B round of funding led by Eight Roads Ventures, San Francisco-based Think Investments and the Mankekar Family Office.
The latest funding comes six months after the startup raised $5 million in a Series A round in January this year. The company will use the funds to bolster technology infrastructure and expand its footprint.
The round also saw participation from Vishal Agrawal (vice president, BlackRock Asia), Siddharth Shah and Dharmil Sheth (co-founders of PharmEasy), Ramakant Sharma (co-founder of Livspace), and Karan Singh (India managing director for Bain & Company).
Founded in 2018 by four orthodontists–Arpi Mehta, Pravin Shetty, Manjul Jain, and Anirudh Kale–toothsi provides customers with access to at-home, new-age teeth straightening with invisible, 3D-printed clear aligner technology.
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“toothsi leverages its tech-enabled platform and panel of expert clinicians to provide at-home, clinically-oriented cosmetology services,” says Arpi Mehta, co-founder, and chief executive officer, toothsi.
The startup claims to have grown 5X during the pandemic, and plans to serve over 1 lakh customers this year. Apart from stitching partnerships with over 1,000 dental clinics across the country, toothsi has rolled out a teeth whitening kit for consumers. The company has seen its revenue grow by 200 percent over the last six months, claims Mehta.
What made Prem Pavoor, partner and head of India at Eight Roads Ventures, cut a smiling cheque was the big global trend that toothsi is leading in India.
Clear aligners have emerged as the preferred technology over traditional braces for smile correction, driven by strong adoption in the US and Europe. The trend has picked up pace in India and is being spearheaded by toothsi’s clear aligners.
“We are excited by the opportunity that clear aligners present to transform traditional orthodontic technologies and practices,” Pavoor underlines.
Shashin Shah, founder, and managing partner at Think Investments, to is excited by the big global opportunity. With a global market size of $5 billion, clear aligners are gaining popularity in major markets around the world.
In India, Shah underlines, 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 adds.