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Healthtech startup Mosaic Wellness raises $24 mn at valuation of $135 mn

Mosaic Wellness' Series A round was led by Sequoia Capital India with participation from Elevation Capital and Matrix Partners India

Start-ups | Healthtech start-up

Deepsekhar Choudhury  |  Bengaluru 

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Mosaic Wellness, a health & wellness start-up running digital health clinic platforms Manmatters and Bodywise, on Wednesday announced that it has raised $24 million in Series A funding at $135 million post-money valuation. This round was led by Sequoia Capital India with participation from existing investors Elevation Capital and Matrix Partners India.

Mosaic previously raised a $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 goal of delivering consumer-centric, vertically integrated, and affordable digital healthcare platforms, which led to the birth of Manmatters in May 2020 & Bodywise in May 2021, which are focused on curated services and products for Men’s health and Women’s Health respectively..

The business now has annualised revenues of $14 million and caters to more than 100,000 customers a month across its health and wellness offerings.

Revant Bhate, co-founder and CEO of Mosaic Wellness 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."

Bhate added that the company now has sufficient runway for the next three years unless it looks to grow inorganically through acquisitions.

Mosaic's long term strategy is to build a full stack model where consumers come to the site through content, engage with a community on health and wellness matters, seek doctor consultations on the platform and ultimately buy products and services.

“Over the last 18 months, the company has executed brilliantly, growing almost 10 times 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. We are excited to double down on the partnership and for the journey ahead,” said Abhishek Mohan, principal at Sequoia Capital India.

Manmatters functions 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 offers services to women in key therapeutic areas like hair loss, PCOS, skin health, intimate health and 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.

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First Published: Wed, November 10 2021. 06:10 IST