Toothsi, a dental technology startup endorsed by Virat Kohli and Anushka Sharma, has undertaken a workforce reduction of approximately 20 to 30 employees. This move is an effort to secure additional time and resources as the company faces challenges in finalising a new funding round.
Almost a year following its successful $40 million funding round, the company had initially announced plans to utilise the funds for team expansion and venturing into untapped markets and industries.
Sources have informed Moneycontrol that the recent layoffs at Toothsi have affected the company's tech, product, and testing teams. The announcement of these workforce reductions took place two weeks ago.
“Tech is a very small part of Toothsi's model, the company relies heavily on its sales and marketing function. That is why they are trying to minimise their tech team, sales seems unaffected as of now,” they added.
According to the same report by Moneycontrol, during May 2022, Toothsi successfully secured $40 million in funding through a round that included notable investors such as veteran banker Aditya Puri, Eight Roads Ventures, Paramark, and IIFL.
Additionally, earlier in the year, the company obtained $9 million in venture debt from Stride Ventures. Prior to these events, Toothsi had already accumulated $25 million in funding across two rounds in 2021.
Established in 2018 by orthodontists Arpi Mehta, Pravin Shetty, Manjul Jain, and Anirudh Kale, Toothsi introduced clear aligners as a modernised option to traditional braces for its customers. Furthermore, the company expanded its services through a sister brand named 'Skinnsi,' which specialises in offering at-home laser-assisted cosmetology solutions.
Taking a significant step in September 2022, the company merged Toothsi and Skinnsi into a unified brand known as MakeO.