India dental start-up Toothsi raises $40m Series C
India’s Toothsi, a direct-to-consumer start-up that makes own-branded transparent dental aligners and braces, has raised a USD 40m Series C round featuring Eight Roads Ventures.
Eight Roads’ India, China, and Japan teams each participated in the round. It comes eight months after a USD 20m led by Eight Roads India. Think Investments led a USD 5m Series A last year, and Stride Ventures provided USD 9m in debt last January.
The Series C also featured Think, IIFL, Korea’s Paramark Ventures, and the family office of the co-founders of Indian healthcare services platform Medlife. They were joined by various angel investors, including Karan Singh, an India-based managing partner at Bain & Company.
Toothsi was founded in 2018 by four orthodontists with a view to creating at-home access to invisible new-age teeth straightening implements by leveraging 3D-printing technology.
It has served about 140,000 customers to date and offers several related products such as electric toothbrushes and whitening kits. Products are marketed via a network of some 2,000 dental clinics nationwide.
The company is the only consumer-facing aligner brand in India with ISO and CE certified in-house aligner manufacturing and treatment planning capabilities, according to a statement. This refers to the quality assurance systems of the International Organisation for Standardisation and EU, respectively.
The fresh capital will be used to hire additional staff, build out the technology platform, penetrate more lower-tier cities, and expand the product category coverage. The idea is to become a one-stop platform for doctor directed solutions across cosmetic dental and dermatology. Business development typically features celebrity endorsement advertising campaigns.
Eight Roads established its presence in India in 2007 and has USD 1bn in assets under management locally and about 60 portfolio companies in the country. It recently expanded its team of partners across Bangalore and Mumbai to five with the promotion of Ashish Venkataramani, who specialises in healthcare categories such as consumer health and health technology.
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