Mumbai-based healthtech startup MakeO, known for its dental and skincare brands Toothsi and Skinnsi, is set to raise approximately ₹54.7 crore (around $6.43 million) in a new funding round. This round comes with a significant valuation cut, reducing the company’s worth by over 50% compared to its previous funding round in January 2024.
Background on MakeO
Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO began as an online clear aligner treatment company under the brand Toothsi. Over time, it expanded to include skincare and haircare services through its Skinnsi brand. In 2022, the company integrated these offerings into a single platform, providing at-home aesthetic treatments. Business Outreach
MakeO has garnered attention with endorsements from celebrities like Anushka Sharma and Virat Kohli, positioning itself as a tech-enabled, direct-to-consumer (D2C) health and beauty platform targeting urban millennials and Gen Z consumers.
Financial Performance
In the fiscal year ending March 2024 (FY24), MakeO reported an operating revenue of ₹179 crore, marking a modest increase from ₹168 crore in FY23. The company managed to reduce its losses by 32%, bringing them down to ₹150 crore in FY24 from ₹220 crore in the previous fiscal year.
Key financial highlights include:
- Revenue Growth: An increase of 6.5% in operating revenue year-over-year.
- Loss Reduction: A significant 32% decrease in losses, indicating improved operational efficiency.
- Expense Management: Notable reductions in marketing and consultant fees, contributing to overall cost savings.
Future Outlook
Despite the valuation cut, MakeO continues to focus on expanding its reach and enhancing its service offerings. The company operates over 20 experience centers across India and employs more than 100 in-house doctors, including orthodontists, dentists, and dermatologists.
The recent funding will likely be utilized to strengthen operational efficiencies and extend the company’s runway in light of the shifting market landscape. MakeO’s commitment to providing convenient, medical-grade aesthetic treatments positions it well to navigate the challenges of the current startup ecosystem.
