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Following over twofold growth in FY23, MakeO, the parent company of Toothsi and skincare brand Skinnsi, reported stable revenue for the fiscal year ending March 2024. However, the company succeeded in reducing its losses by 32% during this period.
MakeO’s revenue from operations saw a modest increase of 6.5% to Rs 179 crore in FY24 from Rs 168 crore in FY23, according to its consolidated financial statements filed with the Registrar of Companies.
Founded in 2018 by Arpi Mehta Shah, Pravin Shetty, Manjul Jain, and Anirudh Kal, MakeO initially began as the aligner brand Toothsi. Later, it consolidated its flagship brands, including Skinnsi, to offer a comprehensive range of dental, skin, and hair treatment solutions.
The sale of tooth aligners accounted for 69.2% of the overall operating revenue, which increased by 7% to Rs 124 crore in FY24. The rest of the collections come from skin makeover services (Skinnsi), including laser hair reduction, hydra facials, anti-aging treatments, acne treatments, derma facials, and the sale of skin care products.
Like the previous year, employee benefits remained MakeO's largest cost center, accounting for 36% of the overall expenditure, which stood at Rs 119 crore in FY24. Notably, its consultant fees and marketing costs were reduced by 57% and 24%, respectively, to Rs 26 crore and Rs 69 crore in FY24.
Its software, payment gateway, rent, legal, travel, and other overheads took the total expense to Rs 332 crore in FY24 from Rs 395 crore in FY23. See TheKredible for the detailed cost breakdown.
Despite the modest growth, the cutback in consultant fees and marketing costs helped MakeO to shrink its losses by 31.8% to Rs 150 crore in FY24 from Rs 220 crore in FY23. Its ROCE and EBITDA margin registered at -77.3% and -66.12% with an expense-to-earnings ratio of Rs 1.85. At the end of FY24, MakeO’s current assets were recorded at Rs 153 crore with cash and bank balances of Rs 93 crore.
MakeO has raised over $90 million to date including its $16 million round led by 360 One Asset and the investment office of Ashish Kacholia. According to the startup data intelligence platform TheKredible, Eight Road Ventures is the largest external stakeholder in MakeO followed by Think Investment.