Mojocare, a full-stack health and wellness start-up, has raised $20.6 million (Rs 160 crore) in a Series A funding round led by B Capital and existing investors, including Chiratae Ventures, Sequoia India’s Surge, and Better Capital.
The Bengaluru-based company will use the funds to expand its product, content, and care delivery teams, strengthen and diversify its product portfolio, and scale across omnichannel GTMs with a distribution-first approach.
The funding round saw participation from angel investors and leading industry giants, including 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).
Founded in May 2021 by Ashwin Swaminathan and Rajat Gupta, Mojocare offers personalised and full-stack care across sexual wellness, women’s wellness, mental wellness, and hair loss. The personalised care delivery system assists users in managing chronic and lifestyle-driven illnesses .
Within 12 months of launch, Mojocare said it has delivered care to users across 50 per cent of India’s pincodes. It has witnessed a 12 times jump in the number of service providers, including, nutritionists, therapists, health coaches and doctors .
“We are excited to partner with Ashwin and Rajat, founders of Mojocare. 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,” said Karan Mohla, Partner at B Capital.
B Capital has over $6 billion of assets under management, led by Facebook co-founder Eduardo Saverin and former Bain Capital executive Raj Ganguly.
“In India, 400 million users battle 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 non-existent care layer. The prevalence of unskilled and dishonest health professionals is alarming, and the likelihood of counterfeit products being sold offline is considerable,” said Rajat Gupta, Co-Founder, Mojocare.
Ashwin Swaminathan, Co-Founder, Mojocare, said: “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 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.”
In October 2020, Mojocare had raised $3.08 million in seed funding from Chiratae Ventures, Sequoia India’s Surge, along with a group of angel investors, including Peyush Bansal of Lenskart, Kunal Bahl and Rohit Bansal of Snapdeal, Amit Bhasin and Kushal Karwa of Gomechanic, Gaurav Agarwal of 1mg, Sai Srinivas of MPL, Aakrit Vaish of Haptik, Miten Sampat of Cred, Puneet Gupt of TIL, and Harsh Shah of Fynd.