Dental tech startup: Toothsi raises worth Rs 100 Cr via IIFL
- ByStartupStory | March 26, 2022
Toothsi, the dental tech startup, has raised worth Rs 100 crore or a little over $13 million in a fresh tranche led by IIFL. For the Mumbai-based company which recently picked up $9 million debt from Stride Ventures, this is the second financing.
According to the company’s regulatory filings, a special resolution to issue 460053 CCPS VI at an issue price of Rs 2173.66 per share at a consideration of Rs 100 crore has been passed by Toothsi.
In this transaction, IIFL Tech Large Value Fund and Mahendra Chunilal Shah have invested Rs 75 crore and Rs 25 crore respectively. For the Arpi Shah-led company, this could be a part of a larger round.
As per an estimate, at a post-money valuation Toothsi has raised the funds worth $252 million. In August last year, around $47 million in equity plus debt including $20 million in Series B round has been raised so far by the company.
Toothsi sells clear teeth aligners to customers at home and was founded by Shah, Pravin Shetty, Manjul Jain and Anirudh Kale. Toothsi besides orthodontic products, also offers oral-care products such as teeth whitening products, sonic toothbrushes, and aligner accessories and has launched a skincare brand, which provides laser removal and derma-facials called Skinnsi.
Over 65,000 smile makeover plans with a team of veteran orthodontists and dentists, tech experts, and business-minded professionals has been claimed to be designed by the company.
Toothsi’s operating revenue for the fiscal year 2021, saw a jump of 2.88X from Rs 5.06 crore to Rs 14.6 crore in the preceding fiscal year. During the period the company’s expenses soared 3.46X to Rs 43.79 crore and as a result, it incurred a loss in FY21 of Rs 28.94 crore from Rs 7.54 crore in FY20.
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