On January 24, Smiles.ai, an online platform for dental services, announced that it has secured $23 million in a Series A round headed by Alpha Wave Incubation (Falcon Edge Capital), alongside existing investors Sequoia India’s Surge and Chiratae Ventures.
Lenskart founders Amit Chaudhary and Peyush Bansal, Mosaic Wellness’ Revant Bhate, CRED’s Miten Sampat, and Haptik’s Aakrit Vaish were among the angel investors who backed the venture.
Hitesh and Jatin Kakrani founded Smiles.ai, and one of the company’s primary emphasis areas is Invisible Aligner treatments, which have quickly surpassed traditional braces as the preferred technique.
“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,” said Hitesh Kakrani, Co-Founder, Smiles.ai.
According to the organisation, India’s dental care industry will be a $15 billion market by 2023, with a 20 percent year-on-year (YoY) growth rate, despite the fact that most consumers are gained through offline channels, and private clinics account for the majority of activity in the sector.
“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. Using technology as a key driver and differentiator, Smiles is poised to disrupt the market and establish itself as a market leader while maintaining its capital efficiency,” shared Anirudh Singh, managing director, Alpha Wave Incubation.