[Funding alert] Mylo raises $17M in Series B round led by W Health Ventures, Endiya Partners and ITC Limited
, a full-stack platform for both expecting and new parents, has raised $17 million in its Series B round led by W Health Ventures, a Boston-based digital health investor, ITC, and Endiya Partners. The round also saw participation from Riverwalk Holdings, Alteria Capital, and Innoven Capital. With this round, the total funds raised so far by Mylo touched $24 million.
“The investment will help us build the Mylo brand, scale our community, products verticals and launch our digital health solutions for mothers. We are thrilled to onboard investors who bring significant operational and healthcare expertise in our expansion areas that will help us build India's #1 full-stack one-stop solution for mothers," said Vinit Garg, Founder and CEO, Mylo.
Founded in 2018 by Vinit Garg, Mylo is an online health tool and community platform for new and expecting mothers. Mothers on Mylo can track their baby’s development, get expert vetted content for more than 500 topics and ask questions to other moms in a similar life stage.
“It takes a village to raise a child and Mylo is providing this village to every mother and baby in the country through its platform”, said Dr. Pankaj Jethwani, Executive Vice President at W Health Ventures.
“Mylo leverages technology to provide a supportive community-led platform that helps solve critical problems that women face in their pregnancy and motherhood journeys. We believe the tremendous adoption of internet and eCommerce among Indian women will be a catalyst for Mylo’s growth.”
Following its vision of creating a one-stop-shop for mothers, Mylo’s next focus area is healthcare services. It has already made headway by providing doctor consultations with gynaecologists and paediatricians, health packages for weight loss and PCOS, and hospital recommendations for delivery and IVF procedures.
Last year, Mylo launched its own D2C Brands for Mothers and Babies in personal care, premium Ayurveda and daily essentials based on community feedback and its own R&D facility. Mylo has created over 100 unique products, sold 7 Lakh units and shipped to more than 16000 pin codes.
“In a fast-evolving healthcare and wellness consumption landscape in India, augmented by strong tailwinds including improved digital payments infrastructure, better logistics, and deepening consumer base (from Tier II and Tier III) embracing e-commerce, Mother and Baby Healthcare remains the top draw,” said Abhishek Srivastava of Endiya Partners.
“We strongly believe that Mylo’s team is well-positioned to be a leading player in developing next generation virtual care for women and childcare developing personalised products and solutions across fertility, pregnancy, parenting, and paediatrics through their unique ability to harness technology and data-driven insights via their active and large communities.”
Edited by Anju Narayanan