Health and wellness startup Mosaic Wellness, that runs digital health clinic platforms Manmatters and Bodywise, has raised $24 million in a Series A funding round, led by Sequoia Capital India. Existing investors Elevation Capital and Matrix Partners India also participated in the round.
Mosaic had raised a $10 million seed round in December 2019 led by Elevation Capital, Sequoia Capital India and Matrix Partners India alongside angels such as Jitendra Gupta, Kunal Shah and Jaydeep Barman.
Founded by Revant Bhate and Dhyanesh Shah in early 2020, Mosaic was set up to deliver consumer-centric, vertically integrated and affordable digital healthcare platforms, which led to the launch of Manmatters in May 2020 and Bodywise in May 2021. While Manmatters is focused on services and products for men’s health, Bodywise is aimed at women’s health.
Mosaic Wellness said the business now has annualized revenues of $14 million and serves more than 100,000 customers a month across its health and wellness offerings.
“This round will help us build a strong team, capabilities as well as invest in tech. We started with a vision to make wellness accessible and affordable for Indians and have been able to build a very purpose-driven team, keen to solve for this,” said Mosaic Wellness co-founder and chief executive officer, Revant Bhate.
“Over the last 18 months, the company has executed brilliantly, growing almost 10X in terms of users and revenue. It’s a testament to the clear white space for digital-first health clinics in India and the strong value proposition the company has built for both men and women across multiple treatment areas. Sequoia Capital India is excited to deepen the partnership and for the journey ahead,” said Abhishek Mohan, principal at Sequoia India.
Manmatters, a digital clinic for men, has served over 300,000 men across therapeutic areas such as dermatology, sexual health, hygiene, and nutrition. It has recently expanded into providing diagnostic services for general health needs.
Bodywise has served more than 100,000 women across areas such as hair loss, PCOS, skin health, intimate health and nutrition.
“We partnered with Revant and Dhyanesh at the paper plan stage, and their DNA of building consumer-first propositions was quite evident even at that time. Since then, it’s been very exciting to see how they have executed, built a solid team, and expanded the vision to solve a very hard problem of providing a digital health coach remotely via technology at scale.” said Mukul Arora, managing director, Elevation Capital.
“It has been a pleasure and a privilege working with Revant and Dhyanesh in this journey which is just starting – have been amazed by the analytical rigor layered on top of customer backward thinking from Day Zero,” said Avnish Bajaj, founder and managing director, Matrix India.
Source: Mint