In an attempt to prolong its financial stability, Toothsi, a dental technology start up, has recently terminated the employment of around 20 to 30 staff members. As per some media reports, the company is currently facing challenges in securing new funding, making it crucial for them to overcome this funding shortfall.
In May 2022, Toothsi successfully secured $40 million in funding from various investors, including several prominent figures such as veteran banker Aditya Puri, Eight Roads Ventures, Paramark, and IIFL. Furthermore, the company obtained an additional $9 million through a venture debt round from Stride Ventures earlier this year. In 2021, Toothsi had been successful in raising $25 million through two rounds of funding.
The company was founded by a group of four orthodontists, namely Arpi Mehta, Pravin Shetty, Manjul Jain, and Anirudh Kale in 2018, introducing an alternative to traditional braces. The primary focus was to replace the hard metal braces by offering clear aligners to customers. Additionally, the company operates a sister brand named Skinnsi, specialising in laser-assisted cosmetology treatments that can be conducted at home. In September 2022, the company made a significant move by merging Toothsi and Skinnsi into a new brand called MakeO. The brand also enlisted notable personalities like cricketer Virat Kohli and actor Anushka Sharma as its brand ambassadors.
Amidst a scarcity of funding opportunities, Toothsi has joined the growing list of startups resorting to employee layoffs as a strategy to reduce expenses and achieve profitability. The year 2022 has witnessed approximately 91 Indian startups letting go of around 24,500 employees in their pursuit of financial sustainability.
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