The round saw participation from several angel investors such as Kunal Shah (Founder, CRED), Bobby Goodlatte (Stripe and coinbase angel investor), Eric Idiahi (Partner, Verod Capital), and others.
Creating a niche in the clear aligners industry, direct-to-consumer dental-tech start-up Snazzy has raised a $2.2 million seed funding round from YCombinator, Form Capital, Goodwater Capital, and ANIM Fund. The round saw participation from several angel investors such as Kunal Shah (Founder, CRED), Bobby Goodlatte (Stripe and coinbase angel investor), Eric Idiahi (Partner, Verod Capital), and others. Snazzy is on a mission to deliver a world-class treatment at the convenience of home and the funds will be to strengthen its team across engineering, marketing, operations, dentistry, and sales, to support its accelerated growth plans.
Contrary to general belief, the perfect smile comes with a price tag attached to it and a rather expensive one. This coupled with the restrictions, multiple orthodontic clinic visits and not to mention the painful days where a slice of pizza seems like a distant dream, causes many to shy away from traditional orthodontic treatments.
Snazzy leverages a direct-to-consumer business model, as well as several other technologies, many of which were not available a few years ago, to provide clear aligners at unprecedented prices and in a modern, convenient manner to suit the busy lifestyle of today’s consumers. The alignment sets are 3D printed in clear plastic, so there are no brackets or wires to poke at tender gums and can be removed to eat, brush, and floss. The initial scanning is carried at the patient’s home, and once they start the treatment, individuals are supposed to check in with their remote orthodontists every two weeks. The patients are provided end-to-end support until they reach the smile they love.
As a twentysomething who, like most, neglected to get his teeth corrected in teens, Ayush Pateria, the co-founder and CEO, was frustrated not finding a convenient and affordable solution in the market. “It was shocking to find that the existing aligner solutions were priced at upwards of 2 lacs, making it accessible only to a few ultra-privileged. At Snazzy, we have used a tech-first approach to make straighter smiles accessible, convenient and affordable!” said Ayush.
There is a massive gap between those who actively seek orthodontic care v/s who can go through the process. About 80% of the people require orthodontic care, yet less than one percent of people can go for it. Right here, the founders Ayush and Keshav decided to innovate and Snazzy was born.
Founded in 2020 by IIT Hyderabad graduates – Ayush Pateria and Keshav Chouksey – Snazzy is on a mission to make the first-of-its-kind cosmetology brand with its software and offline presence, delivering safe, easy, and affordable cosmetic treatments to India. The company follows a vertically integrated model by manufacturing aligners and leveraging teledentistry to provide treatments via its network of orthodontists, helping individuals save more than 70 percent of the amount required on an average in clinics. Ayush (25) majored in computer science from IIT Hyderabad and had a brief stint in a Silicon Valley startup before. Ayush had previously developed an app to send free SMS when he was 15, which was downloaded over a million times in the play store. Keshav (24) was Ayush’s batchmate at IIT Hyderabad and previously worked with Mercedes Benz Dealers, where he headed marketing for south India.
The cumulative opportunity in the clear aligners industry over the years has witnessed significant growth and is worth more than USD $35 Billion today. The global opportunity is estimated to be worth more than a trillion dollars. This quarter, the company has doubled its revenue and is profitable on every order. With a focus on middle-class families in India, Snazzy has, since its inception, built a stronghold in Hyderabad, Delhi, and Bangalore and is soon expanding PAN India.
“Ayush and the Snazzy team from day one have fundamentally focused on providing access – access to care and a better way of living, regardless of or even in spite of an individual’s ability to satisfy incredibly high prices”, said Anya Hayden, ANIM General Partner. “We respect this underlying motivation tremendously and coupled with the technology and operational savvy the team brings forth, know that Snazzy will only continue to improve lives across the country. To preserve such a high standard of care whilst making it possible for multiple households to experience the process and enjoy the outcome is a feat – and this is just the outset.”
Snazzy aims to be the biggest cosmetology brand in India with the long-term vision of being the one-stop-shop for various customised cosmetic services in an affordable and convenient manner.
Source: Business World