[Funding alert] Mosaic Wellness raises $24M Series A investment led by Sequoia

Health and wellness startup Mosaic Wellnesshas raised $24 million Series A funding led by Sequoia Capital India, with participation from existing investors Elevation Capital and Matrix Partners India. The startup runs digital health clinic platforms Manmatters and Bodywise.

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”.

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The startup had raised $10 million in seed funding in December 2019. Mosaic Wellness was founded by Revant and Dhyanesh Shah, and launched its platforms Manmatters and Bodywise in May 2020 and May 2021, respectively.

“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. 

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. 

The startup added it has annualised revenue of $14 million and serves more than 100,000 customers a month across its health and wellness offerings.  

Manmatters claims to have served more than 300,000 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.

“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.  

Bodywise has already served more than 100,000 women across key therapeutic areas like hair loss, PCOS, skin health, intimate health, and nutrition. This full-stack health and wellness startup includes a community, tele-health consultation, and diverse portfolio of products for skincare, hair care, weight management, nutrition, PCOS, and intimate health. 

“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. A very strong foundation is in place for an amazing team executing to their full-stack health & wellness vision and exciting times ahead," said Avnish Bajaj, Founder and Managing Director, Matrix India.