Mosaic Wellness, a health & wellness start-up running digital health clinic platforms Manmatters and Bodywise, has secured USD 24 mln in a Series A funding round, led by Sequoia Capital India.The financing round also saw the participation of existing investors including Elevation Capital and Matrix Partners India. The fundraise has enhanced the valuation of the company to USD 135 mln.
Mosaic previously raised a $10 million seed round in December 2019 led by Elevation Capital, Sequoia Capital India & Matrix Partners India alongside angels such as Jitendra Gupta, Kunal Shah & Jaydeep Barman.
Founded by Revant and Dhyanesh Shah in early 2020, Mosaic was set up to deliver consumer-centric, vertically integrated and affordable digital healthcare platforms. The company launched its platforms Manmatters and Bodywise in May 2020 and May 2021, respectively.
The company business now an annualised revenue of $14 million and serves more than 100,000 customers a month across, Mosaic Wellness said in a statement.
Manmatters has served more than 300,000 men across key therapeutic areas like dermatology, sexual health, hygiene, and nutrition, it added.
Commenting on the fundraise, Co-founder and 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,” he added.
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“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.
