Healthcare service providing company Smiles.ai raises $23 million in its series A funding round led by Alpha Wave Incubation, managed by Falcon Edge Capital, and with strong participation from existing investors Sequoia Capital India and Chiratae Ventures.
MBX Capital, Wami Capital, angel investors Peyush Bansal, and Amit Chaudhary of Lenskart, Aakrit Vaish of Haptik, Revant Bhate of Mosaic Wellness, Miten Sampat of CRED, and Sambhav Rakhyan of WTW are among the other investors who participated in Smiles.ai’s latest funding round.
This investment comes less than a year after the company raised $1 million in its seed round led by Sequoia Capital India and Chiratae Ventures with the participation of some angels and family offices.
Co-founder of Smiles.ai, Hitesh Kakrani, said, “India’s dental care market has remained highly fragmented and without any significant technological disruption for decades. However, now with increasing awareness, increasing disposable incomes, and rising millennial aspirations, the industry is going through a transition, and we are leading this change in India by combining dental care operations and technology expertise.”
According to the company, it plans to use the newly raised funds to expand its footprints in the country, enhance its leadership team, and develop novel tech-driven dental care solutions. He also mentioned that Smiles is positioned to disrupt the market and establish itself as a market leader while preserving its capital efficiency, thanks to its use of technology as a key driver and differentiator.
Bengaluru-based dental care startup Smiles.ai was founded in 2019. The company specializes in using proprietary technology and expert healthcare professionals to provide access to high-quality and cost-effective dental care products and services.
“Given the massive opportunity in the dental care space in India and abroad, we were very impressed with Smiles.ai’s approach in establishing a comprehensive offline base of dentists and building an aligners business on top of that,” said Managing Director of Alpha Wave Incubation, Anirudh Singh.