MakeO, the parent of clear-aligner brand Toothsi, has raised Rs 90 crore (about $9.4 million) in a funding round led by Singularity AMC, with participation from DSP family office, Genesis and Unispace Ventures.
The Mumbai-based startup will use the fresh capital to expand its offline presence across India and Southeast Asia and strengthen manufacturing operations. It will also invest in consumer experience, clinical centres and backend technology — and says it is evaluating acquisitions of dental and aligner businesses across both regions as part of the rollout.
The round comes as MakeO's combined business has crossed Rs 500 crore in revenue and turned EBITDA profitable earlier this year, with a target of doubling revenue in the next two to three years. The growth story has been powered by acquisitions: MakeO announced an agreement to acquire Singapore-headquartered Zenyum in February, and bought Apple Dental for Rs 10.9 crore in a cash-and-stock deal in 2025, adding 20 clinics across Andhra Pradesh and Telangana.
Post-Zenyum, the group claims a network of around 1,100 partner dentists across 10 countries, 60+ offline clinical centres and over 4 lakh consumers served. Founded in 2018 by Arpi Mehta, Pravin Shetty, Manjul Jain and Anirudh Kal, MakeO merged its Toothsi and Skinnsi brands in 2022 and had previously raised over $100 million from investors including Eight Roads Ventures, 360 ONE Asset and Paramark Ventures.
Why it matters for founders
MakeO shows the offline-plus-acquisition playbook can work in healthcare: cross Rs 500 crore, turn EBITDA profitable, then raise growth capital to consolidate. For healthtech founders, profitability-first expansion makes acquirers and growth investors come to you — instead of the other way round.