- MakeO is set to raise $6.43 million at a $124 million valuation 5%+ drop from last year’s round.
- Siddharth Shah led this round, which was largely contributed to by Mahendra Shah, 360 One, and other existing investors.
- FY24 revenue rose slightly to $21.5 million, with losses reduced by 32% to $18 million.
MakeO, the Mumbai-based parent company of dental tech startup Toothsi and skincare brand Skinnsi, is preparing to raise $6.43 million (₹54.7 crore) in fresh funding at a sharply reduced valuation of $124 million (₹1,055 crore)-a drop of more than 50% from its $265 million valuation in January 2024.
The new round is led by existing investor Siddharth Shah (Co-founder & CEO of Pharmeasy), with participation from Mahendra Shah, 360 One, Eight Roads Ventures, Paramark Ventures, Ashish Kacholia, and others.
The board has approved the issuance of 580,072 compulsorily convertible preference shares (CCPS) at ₹943.7 each to raise the funds.
Siddharth Shah will contribute $2.35 million (₹20 crore), Mahendra Shah and 360 One will each invest $1.18 million (₹10 crore), and Paramark Ventures and Eight Roads Ventures will add $513,000 (₹4.35 crore) each.
Other existing investors will cover the remainder. Mahendra Shah has already transferred $1.18 million (₹10 crore), with the rest expected soon.
Founded in 2018, MakeO merged its flagship brands, Toothsi and Skinns, in 2022 to offer dental, skin, and hair treatment solutions under one platform.
The company, backed by celebrities Anushka Sharma and Virat Kohli, has raised over $90 million to date, including a $40 million Series C round in May 2022.
Despite a marginal increase in FY24 operating revenue to $21.5 million (₹179 crore), MakeO reduced its losses by 32% to $18 million (₹150 crore) in the same period.
The new capital will be used for general corporate purposes as the company seeks to strengthen operational efficiencies and extend its runway in a challenging funding environment.
Edited by Annette George
