AMPA Orthodontics Pvt Ltd, which operates tech infused dental care brand Toothsi, on Friday said it has raised $20 million (around Rs 148 crore) as part of its Series B funding round.
The funding was led by venture capital firm Eight Roads Ventures, San Francisco based Think Investments and the Mankekar Family Office, said Toothsi in a statement.
The investment round also saw participation from Vishal Agrawal (vice president, Blackrock Asia); Siddharth Shah and Dharmil Sheth (co-founders, PharmEasy); Ramakant Sharma (cofounder, Livspace); and Karan Singh (India managing director of Bain & Co).
The company will use the fresh capital to enhance its technological capabilities and to expand.
Toothsi was set up in 2018 by Arpi Mehta, Pravin Shetty, Manjul Jain and Anirudh Kale, all of whom are orthodontists. The startup provides customers with access to at-home teeth straightening with invisible, 3D-printed clear aligner technology.
The company noted that clear aligners have emerged as the preferred tech over traditional braces for smile correction which is already popular in the US and Europe. The firm claims its revenues have been growing 200% over the last six months.
Prior to this funding, Toothsi had raised $5 million as part of its Series A round in January last year from Think Investments and other investors.
Prem Pavoor, partner and head of India, Eight Roads Ventures, noted that the investment in Toothsi demonstrates the firm’s continued interest in consumer-driven healthcare in a post-pandemic world.
Eight Roads Ventures has been investing in India since 2007. The venture capital firm, with assets under management of $1 billion, has over 40 active portfolio firms across healthcare, technology, consumer and financial services sectors in the country.
In the broader healthcare space it has backed companies such as PharmEasy, Laurus Labs, and Cipla Health.
In the first half of this year, Eight Roads Ventures held on to its third spot as the most active venture capital firm with 20 deals -- comprising new and follow-on bets -- compared to 15 investments in the first six months of last year, according to a VCCircle analysis.
Eight Roads Ventures' new bets this year include Quizizz, which gamifies quizzes and interactive lessons, and nutrition brand OZiva.