MakeO, the digital-first clinical cosmetic makeover brand that owns dental tech platform ‘Toothsi’ and skincare service ‘Skinnsi’, is raising INR 54.7 crore (~USD 6.43 million) in a new funding round— at a big discount to its previous valuation. According to filings, this new round will be at a valuation of INR 1,055 crore (~USD 124 million), a 53% haircut from the INR 2,231 crore (~USD 265 million) valuation it got in January 2024.
The round is led by Siddharth Shah, Co-founder and CEO of Pharmeasy, with participation from Mahendra Shah and existing investors 360 One, Eight Roads Ventures, Paramark Ventures and Ashish Kacholia. Shah is putting in INR 20 crore, Mahendra Shah and 360 One are investing INR 10 crore each. Paramark and Eight Roads will each put in INR 4.35 crore and the rest will come from Siddhant Partners, R.B.A Finance & Investment Co. and Kacholia. Mahendra Shah has already put in INR 10 crore.
The company’s board approved the issuance of 5,80,072 Series C2 CCPS (compulsorily convertible preference shares) at an issue price of INR 943.7 each—down from the INR 2,191.7 per share price in the last round. The new capital will be used for general corpor
