Operating revenue rose 6.23% to INR 178.94 Cr in FY24 from INR 168.43 Cr in the previous fiscal year
makeO clocked an EBITDA loss of INR 120.95 Cr during the year under review as against an EBITDA loss of INR 202.21 Cr in FY23
Total expenditure declined 16% to INR 332.41 Cr in the year ended March 2024 from INR 394.85 Cr in FY23
Healthtech startup makeO, the parent of dental tech platform toothsi, narrowed its consolidated net loss by 32.08% to INR 149.58 Cr in the financial year 2023-24 (FY24) from INR 220.25 Cr in the previous fiscal year on the back of improvement in its EBITDA margin.
Operating revenue rose 6.23% to INR 178.94 Cr during the year under review from INR 168.43 Cr in FY23.
The startup reported an EBITDA loss of INR 120.95 Cr in the year ended March 2024 as against an EBITDA loss of INR 202.21 Cr in the previous fiscal year. As a result, EBITDA margin improved by 52 percentage points to -68% in FY24 from -120% last year.
Founded by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kale in 2018, toothsi is a tech-based teeth alignment platform, facilitating customers with dental treatment solutions. Later, makeO was established in 2022 as an umbrella brand for the company’s vertical expansion.
toothsi’s products include clear dental aligners and various oral care products, while makeO offers skin care and hair reduction treatments under the brand skinnsi.
toothsi raked in a revenue of INR 122.17 Cr in FY24, up 5.44% from INR 115.86 Cr in the previous fiscal year. Meanwhile, skinnsi’s revenue surged almost 8% to INR 51.73 Cr in FY24 from INR 47.91 Cr in FY23.
Besides this, makeO runs more than 20 experience centres across the country, offering dental and skin care services along with consultation from orthodontists, dentists, and dermatologists. The startup claims to have more than 100 in-house doctors.
Last year, makeO raised $16 Mn (INR 135 Cr) in a funding round led by 360 ONE Asset and the investment office of Ashish Kacholia to expand its geographic footprint and scale its experience centres.
In May 2022, the startup bagged $40 Mn in its Series C funding round to focus on deeper geographic penetration and category expansion.
Where Did makeO Spend?
Despite growth in its top line, makeO reported a 16% decline in overall expenses to INR 332.41 Cr in the year ended March 2024 from INR 394.85 Cr in FY23.
Employee Costs: The startup spent INR 119.33 Cr on employees’ remuneration and welfare in FY24, down 6.35% from INR 127.43 Cr in FY23. Of these, it spent INR 23.3 Cr in employee stock option plan (ESOP) schemes and ESOP buybacks in FY24.
Marketing Costs: The startup also managed to reduce its marketing expenses by 24.41% to INR 68.77 Cr during the year under review from INR 90.98 Cr in FY23.
Miscellaneous Expenses: makeO cut its miscellaneous expenses to INR 129.13 Cr this fiscal year, down 30.63% from INR 186.16 Cr in FY23. However, it didn’t give a breakdown of these expenses.