Health and wellness startup, Mojocare on Monday has secured $20.6 million (Rs 160 crore) in Series A round. The latest infusion of funds will be used to expand its product, content, and care delivery teams, further strengthen and diversify its product portfolio, and scale across omnichannel GTMs with a distribution-first approach.
The Bengaluru based firm Mojocare which offers personalised and full-stack care across sexual wellness, women’s wellness, mental wellness, and hair loss was founded by Ashwin Swaminathan and Rajat Gupta in May 2021, . The personalised care delivery system assists users in managing chronic and lifestyle-driven illnesses across specialised wellness.
Rajat Gupta, Co-Founder, Mojocare, said, “In India, 400 million users are battling issues related to dermatological, mental health, fertility, and women’s and sexual wellness. Consumers have a serious lack of trust in them, and access is severely limited due to a nearly nonexistent care layer. The prevalence of unskilled and dishonest health professionals is alarming, and the likelihood of counterfeit products sold offline is considerable.”
Mojocare to offer distribution first approach
“Despite the space seemingly being crowded, most of the players offer a transactional experience, selling generic products on third party marketplaces where they have no ownership over the user’s wellness journey. We are taking a very distribution-first approach to unlock this latent market and drive top of the funnel through credible clinical content, access to experts and a digital engagement-led user journey,” added Ashwin Swaminathan, Co-founder, Mojocare.
Karan Mohla, Partner at B Capital, stated, “We believe they are solving one of the largest problems in consumer health and wellness and can radically transform the way people think about specialty wellness. They are attracting the best talent in the country and their patient experience and care layer is inspiring. We are thrilled to back what is emerging as a neo healthcare delivery system across emerging markets for conditions where the care value chain is fundamentally broken by leveraging technology and data across a full stack offering.”
The latest funding round was led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital.
The round also saw participation from some of India’s top angel investors and leading industry giants like Vineet Jain (MD, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder of Curefoods), Adrian Auon (Founder and CEO, Forward), Sajid Rahman (Founder and CEO, Telenor Health), Ravi Bhushan (Founder and CEO, Brightchamps), and Vivekananda HR (CEO and Founder, Bounce).
In October 2020, Mojocare raised $3.08 million (Rs 24 crore) in seed funding from Chiratae Ventures, Sequoia India’s Surge along with a group of angel investors.