MakeO’s Apple Dental Gamble, Uber’s New Model, and Teleport Gets Acquired

For decades, dentistry in India was a patchwork of local clinics, under-invested public facilities, and a patient mindset that saw the dentist’s chair only when there was pain. Cosmetic treatments, especially orthodontics, were rare luxuries for urban elites. Over the last five years, though, that picture has been changing. Rising disposable incomes, better awareness, and a wave of organised chains like Clove and Apollo White have shifted the patient journey from reactive visits to elective upgrades. Digital dentistry - 3D scanners, CAD/CAM workflows, and even AI-assisted treatment planning - has moved from trade-show novelty to everyday practice in metro clinics. At the heart of this change, one product category has stood out: clear aligners. The market for them in India is still relatively small, around $150 million in 2024, but growing at over 25% annually.

In this space, MakeO’s Toothsi has been one of the most recognisable names, but it’s far from alone. At the premium end sits Invisalign, which brought the concept to India and still commands strong brand recognition among affluent patients and specialist orthodontists. At the other end are homegrown challengers like 32 Watts, Flash Orthodontics, Snazzy, Illusion Aligners, and a long tail of regional brands. Many of these target the mid-market, pricing treatments between ₹20,000 and ₹50,000, significantly below Toothsi’s ₹80,000 to ₹1.2 lakh average. Some, like Flash, work closely with clinics to become the default aligner partner; others rely on aggressive online marketing to acquire customers directly. This fragmentation keeps margins under pressure and makes patient acquisition a constant fight, especially as budget options become “good enough” for mild to moderate cases.

MakeO entered with a simple wedge: take the clear aligner concept, build a brand around it that’s aspirational, and deliver it with a direct-to-consumer model. Its playbook involved at-home 3D scans to remove the intimidation of clinic visits, remote monitoring to save time, and a physical presence in experience centres for trust. Celebrity endorsements and social-media friendly before-and-after stories gave it visibility well beyond the dental community. Investors loved the proposition: a high-margin premium service with the potential to cross-sell into other aesthetic categories. That’s how MakeO moved into Skinnsi, expanding into skin and hair treatments, aiming to become an ‘aesthetic platform’ rather than just a dental brand. Over time, backers like 360 ONE Asset, Eight Roads, Paramark, and operator-investors such as Siddharth Shah of PharmEasy put in over $90 million, including a $40 million Series C in 2022, $16 million in early 2024, and most recently, ₹100 crore in mid-2025.

Even as it navigates tighter funding markets, MakeO has been expanding its offline footprint. In a significant move, it is set to acquire Andhra Pradesh-based Apple Oral and Dental Pvt Ltd (Apple Dental) for ₹10.98 crore in a mix of cash and stock, while also extending a ₹1.5 crore loan to the business. Apple Dental operates a chain of 20 clinics across Andhra Pradesh and Telangana. For MakeO, which has so far been heavily metro-focused, this acquisition is a strategic push into Tier-2 and Tier-3 markets via an existing network with local trust.

But despite these moves, the mood in the market has shifted. The latest fundraise came at a valuation cut of over 50%. The reasons were a mix of macro and micro. Globally, the funding environment had cooled, and healthtech startups were being asked to show profitability. Also, Toothsi’s premium pricing was facing a demand ceiling in a market where braces or budget aligners from competitors could be had for half the price. The brand had strong metro traction but struggled to break into smaller cities without heavy marketing spends. Running experience centres, maintaining specialist teams, and ensuring clinical quality created high fixed costs. Even as revenue in FY24 rose modestly to around ₹179 crore and losses narrowed to ₹150 crore from ₹220 crore, profitability was still out of reach.

Still, MakeO’s position is far from lost. We think the path forward would involve broadening the product mix - offering a more affordable aligner line for simpler cases while keeping the flagship product for complex treatments and brand halo. Financing could be a bigger lever, with instant EMIs and subscription-style packages that bundle treatment, retainers, and follow-up care. And instead of owning the entire distribution network, MakeO could empower existing dental clinics in smaller cities with its planning software, manufacturing, and quality assurance - sharing margins while cutting acquisition costs.

In many ways, the aligner market in India is still in the first inning. The last five years brought awareness; the next five will decide who owns the mid-market. MakeO’s early success proves that premium positioning and consumer-first delivery can work here. But to turn that early lead into dominance, the company will have to recalibrate. If it can adapt quickly, Toothsi could still be the smile brand that defines Indian dental tech’s next chapter.

Let’s go through what else is happening in Indian startup world - Grab your simmering cup of StartupChai.in and unwind with our hand-brewed memes.

“Gulamgiri Ki Nayi Strategy”: Uber Pilots Zero Commission Model For Cab Drivers

Uber is testing a “Driver Pass” in Delhi NCR, where cabbies pay a flat subscription instead of coughing up a cut from every ride.

The twist? They’ve got to buy this multi-day pass to stay on the app. Looks like Uber’s matching Ola’s recent zero-commission play, turning the cab wars into a subscription showdown.

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“Hum Saath Saath Hai”: StampMyVisa buys Kunal Shah-backed travel tech startup Teleport

Visa platform StampMyVisa just stamped a big move by acquiring Teleport, the Kunal Shah-backed travel tech startup from South India.

The deal blends Teleport’s youth-focused, digital travel vibe with SMV’s serious B2B muscle. Together, they’re plotting a smoother visa game across India and Southeast Asia.

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“Ho Raha Bharat Nirman”: StudioBackdrops is equipping India’s creators with pro gear

From ring lights to gimbals, what was once pro-only gear is now every creator’s toolkit and StudioBackdrops is making sure of it.

Riding a 322% surge in India’s creator economy since 2020, they’re arming influencers with the tools to shine brighter. Even PM Modi’s nod to an ‘Orange Economy’ shows, content is now serious business.

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1. Pune-based Olee Space has raised $3 Mn to boost its laser-based quantum communication and DEW systems. The 2023-founded defence tech startup will use the funds to scale production and fortify quantum-secure protocols.
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2. Bengaluru-based Comminent has secured $2 Mn from Transition VC to roll out its smart city IoT solutions. The 2018-founded startup is building device-agnostic networks for lighting, water metering, and intelligent infrastructure management.
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3. Motilal Oswal Financial Services has invested ₹400 Cr in Zepto, picking up 7.54 Cr CCPS in the quick commerce player. MOFSL sees the stake as a bet on sustainable, long-term returns from Zepto’s rapid delivery model.
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4. San Mateo- and Bengaluru-based Refold AI has raised $6.5 Mn in seed funding led by Eniac Ventures and Tidal Ventures. The startup will use the funds to grow its engineering team, deepen integrations, and scale its rapidly expanding enterprise client base.
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5. GenAI medical coding platform Arintra has raised $21 Mn in a Series A round led by Peak XV Partners. The funds will drive product development, US market expansion, and a new Bay Area headquarters.
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6. Retail startup ZenZebra has secured undisclosed pre-seed funding from Rukam Capital to turn everyday spaces into curated shopping hubs. The funds will fuel expansion into high-traffic urban spots like co-working spaces, gyms, hotels, and campuses.
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