This round was led by Sequoia Capital India with participation from existing investors Elevation Capital and Matrix Partners India.
Mosaic Wellness, a health & wellness start-up running digital health clinic platforms Manmatters and Bodywise, today announced that it has raised US$ 24 million in Series A. This round was led by Sequoia Capital India with participation from existing investors Elevation Capital and Matrix Partners India.
Mosaic previously raised a US$10 million Seed round in December 2019 pre-launch from Elevation Capital, Sequoia Capital India & Matrix Partners India alongside marquee Angels like Jitendra Gupta, Kunal Shah & Jaydeep Barman.
Founded by Revant Bhate and Dhyanesh Shah in early 2020, Mosaic was set up with the vision of delivering consumer-centric, vertically integrated, & affordable digital healthcare platforms, which led to the birth of Manmatters (manmatters.com) in May 2020 & Bodywise (bebodywise.com) in May 2021, which are focused on curated services & products for Men’s health and Women’s Health respectively. The business now has annualized revenues of US$14M and serves more than 100,000 customers a month across its health & wellness offerings.
Commenting on fundraise, Co-founder & CEO, Revant Bhate said, “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. As we have validated our initial thesis we are thankful to all the stakeholders who have helped us get to this stage and continue to aspire to help more of us lead a healthier lifestyle in the coming decade”.
“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 has now served more than 300K men across key therapeutic areas like dermatology, sexual health, hygiene, and nutrition. This digital clinic for men provides primary care services and products that help men with erectile dysfunction, premature ejaculation, hair loss, gut health, nutritional deficiencies, etc. They have also recently expanded into providing diagnostic services for general health needs.
Bodywise has already served more than 100K women across key therapeutic areas like hair loss, PCOS, skin health, intimate health & nutrition. This full-stack health & wellness platform includes a community, tele-health consultation, and diverse portfolio of products for skincare, hair care, weight management, nutrition, PCOS & intimate health.
“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 & 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. A very strong foundation is in place for an amazing team executing to their full-stack health & wellness vision and exciting times ahead!” – Avnish Bajaj, Founder and Managing Director, Matrix India.
Source: Business World
