MakeO Secures Fresh Funding for Growth in Dental and Skincare Tech

MakeO, the parent organisation of dental technology startup Toothsi and skincare brand Skinnsi, has successfully obtained Rs 54.7 crore (approximately $6.43 million) in a new funding round. This funding was primarily led by existing investor Siddharth Shah, who is the Co-founder and CEO of Pharmeasy, along with participation from Mahendra Shah.

Along with Shah, other existing investors including 360 One, Eight Roads Ventures, and Paramark Ventures, among others, also participated in this funding round.

Funding Structure and Investor Contributions

The board at MakeO approved a special resolution for the issuance of 5,80,072 Compulsorily Convertible Preference Shares (CCPS) at a price of Rs 943.7 each to raise this amount. This marks a significant decrease of nearly 57% compared to its previous funding round, as indicated in its regulatory filing obtained from the Registrar of Companies (RoC).

Siddharth Shah is set to lead an investment of Rs 20 crore, followed closely by Mahendra Shah and 360 One, who will each contribute Rs 10 crore. Both Paramark Ventures and Eight Roads Ventures are set to invest Rs 4.35 crore apiece, while the remaining contributions will come from Ashish Kacholia, Siddhant Partners, and R.B.A Finance & Investment Co.

The company has already received an amount of Rs 10 crore from Mahendra Shah, with the rest expected to follow shortly.

Utilisation of the New Capital

According to company filings, MakeO intends to use this fresh capital for general corporate purposes.

Company Background

Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO originated as the aligner brand Toothsi. In September 2022, it consolidated its flagship brands, Toothsi and Skinnsi, to introduce MakeO, which provides dental, skin, and hair treatment solutions all in one platform.

Valuation Insights and Funding History

This company, backed by Anushka Sharma and Virat Kohli, will be valued at Rs 1,055 crore ($124 million). This represents a valuation decrease of over 50% compared to its previous $16 million funding round in January 2024, which was led by 360 One and valued the company at approximately Rs 2,231 crore (or $265 million).

According to various reputable startup data intelligence platforms, this Mumbai-based company has raised over $90 million to date, encompassing $40 million raised during its Series C round in May 2022.

While the company has yet to release its FY25 figures, its operating revenue for FY24 exhibited a modest rise to Rs 179 crore. Additionally, losses were reduced by 32% to Rs 150 crore during the same timeframe.