MakeO, the digital-first clinical cosmetic makeover brand that owns dental tech platform ‘Toothsi’ and skincare service ‘Skinnsi’, is raising INR 54.7 crore (~USD 6.43 million) in a new funding round— at a big discount to its previous valuation. According to filings, this new round will be at a valuation of INR 1,055 crore (~USD 124 million), a 53% haircut from the INR 2,231 crore (~USD 265 million) valuation it got in January 2024.
The round is led by Siddharth Shah, Co-founder and CEO of Pharmeasy, with participation from Mahendra Shah and existing investors 360 One, Eight Roads Ventures, Paramark Ventures and Ashish Kacholia. Shah is putting in INR 20 crore, Mahendra Shah and 360 One are investing INR 10 crore each. Paramark and Eight Roads will each put in INR 4.35 crore and the rest will come from Siddhant Partners, R.B.A Finance & Investment Co. and Kacholia. Mahendra Shah has already put in INR 10 crore.
The company’s board approved the issuance of 5,80,072 Series C2 CCPS (compulsorily convertible preference shares) at an issue price of INR 943.7 each—down from the INR 2,191.7 per share price in the last round. The new capital will be used for general corporate purposes.
Founded in 2018 by orthodontists Dr. Arpi Mehta Shah, Dr. Pravin Shetty, Dr. Manjul Jain, and Dr. Anirudh Kale, MakeO started with Toothsi, a direct-to-consumer clear aligner solution. The company rebranded under the umbrella “MakeO” in 2022 to encompass a wider portfolio of at-home and clinic-grade cosmetic services for dental, skin, and hair treatments, including offerings such as laser hair removal, acne therapy, anti-ageing procedures, and teeth whitening.
The January 2024 round that had valued MakeO at INR 2,231 crore (~USD 265 million) was led by 360 ONE Asset (formerly IIFL Wealth) and included Kacholia, Paramark Ventures, Eight Roads Ventures, and Medlife co-founders. At that time, MakeO raised USD 16 million (~INR 133 crore), which followed its Series C round of USD 40 million in May 2022. In total, the company has raised over USD 90 million (~INR 768.84 crore) to date.
Despite the valuation markdown, the company appears to be streamlining operations and improving efficiencies. According to internal financials, MakeO reported marginal revenue growth in FY24 to INR 179 crore, but also successfully reduced its net loss by 32% to INR 150 crore.
MakeO has aggressively scaled its presence across India and into the UAE, boasting over 2.5 lakh smile design plans delivered through a network of 600+ dental professionals, including 100+ in-house orthodontists. It operates 25 flagship centers and partners with 400+ dental clinics across 17+ Indian cities and two cities in the UAE.
Celebrity brand ambassadors Virat Kohli and Anushka Sharma have helped MakeO enhance its visibility among millennial and Gen Z consumers, aligning with the company’s digital-first, at-home convenience strategy. According to CEO Dr. Arpi Mehta, the mission remains to make “clinical-grade makeovers more accessible, affordable, and convenient to every Indian.”
This fresh round, despite the down valuation, signals continued investor confidence in the long-term potential of India’s burgeoning cosmetic health tech sector—even as market realities prompt more conservative pricing for growth-stage startups.
For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription stay tuned to IPO Central.