Illustration: Rahul Awasthi
Mosaic Wellness, a health and wellness startup running digital health clinic platforms Manmatters and Bodywise, has raised $24 million (Rs 178 crore) in a Series A funding round led by Sequoia Capital India with participation from existing investors Elevation Capital and Matrix Partners India.
The company will use the capital for acquisitions, as well as to ramp up technological capabilities and increase headcount, cofounder Revant Bhate told ET.
The company had raised $10 million in a seed round in December 2019, before its launch, from Elevation Capital, Sequoia Capital India and Matrix Partners India, alongside angel investors such as Jitendra Gupta, Kunal Shah and Jaydeep Barman.
Founded in 2020 by Bhate and Dhyanesh Shah, Mosaic Wellness is a platform of consumer-first digitally native full-stack digital-health clinics. It operates two digital clinics — manmatters.com for men’s health and wellness and bebodywise.com for women’s health and wellness.
The platform does more than 30,000 telehealth consultations a month around various therapeutic areas and serves more than 100,000 users a month with its products and services, Bhate said.
“We have an annualised revenue of $14 million and will look to reach $50 million in revenues over the next 18 months,” Bhate told ET.
STARTUP ROCKSTARS IN 2021
Sign-in to see our list of the most promising startups of 2021
The company is growing 20% month-on-month and is betting on the content-to-commerce model to help scale its brands faster.
Manmatters has so far served more than 300,000 men across therapeutic areas like dermatology, sexual health, hygiene and nutrition. This digital clinic for men provides primary care services and products that help them with erectile dysfunction, premature ejaculation, hair loss, gut health, nutritional deficiencies, etc. It recently expanded into providing diagnostic services for general health needs.
Bodywise has provided services to more than 100,000 women so far in areas like hair loss, PCOS, skin health, intimate health and nutrition. This health and wellness platform includes a community, tele-health consultation, and diverse portfolio of products for skincare, hair care, weight management, nutrition, PCOS and intimate health.
“I have been amazed by the analytical rigor layered on top of customer backward thinking of the founders from Day Zero. A very strong foundation is in place for an amazing team executing their full-stack health and wellness vision,” said Avnish Bajaj, managing director, Matrix India.