Dental tech startup Toothsi has secured Rs 100 crore. Stride Ventures had just loaned the company $9 million.
Mumbai-based Toothsi has secured slightly over $13 million (Rs 100 crore) in a new funding round headed by IIFL. This is the dental tech startup’s second round of funding. Toothsi had just received a $9 million loan from Stride Ventures.
According to the company’s regulatory filings, Toothsi has passed a special resolution to issue 460053 CCPS VI at an issue price of Rs 2173.66 per share for a consideration of Rs 100 crore.
This transaction has been funded by the IIFL Tech Large Value Fund and Mahendra Chunilal Shah, who have contributed Rs 75 crore and Rs 25 crore, respectively.
This could be part of a larger funding round for Arpi Shah’s company.
According to Fintrackr, Toothsi raised the financing at a post-money valuation of $252 million.
So far, the company has received over $47 million in stock and debt, including a $20 million Series B investment in August of last year.
Toothsi, which was founded by Shah, Pravin Shetty, Manjul Jain, and Anirudh Kale, offers clear dental aligners to consumers at their homes.
Toothsi, in addition to orthodontic goods, offers oral-care products such as sonic toothbrushes, teeth whitening products, and aligner accessories, as well as a skincare business called Skinnsi, which includes laser removal and derma-facials.
With a staff of senior orthodontists and dentists, tech gurus, and business-minded people, the company claims to have produced over 65,000 smile makeover plans.
Toothsi’s operating revenue increased by 2.88X to Rs 14.6 crore in fiscal year 2021, up from Rs 5.06 crore the previous fiscal year.
During the year, the company’s expenses increased 3.46X to Rs 43.79 crore, resulting in a loss of Rs 28.94 crore in FY21, up from Rs 7.54 crore in FY20.