Digital wellness firm Mojocare raises Rs 160 crore in its Series A funding round
- ByStartupStory | August 23, 2022
Mojocare, a full-stack health and wellness firm, announced a $20.6 million (Rs 160 crore) Series A funding round headed by B Capital and previous investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital on Monday.
Some of India’s top angel investors and influential business titans, including Vineet Jain (MD, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder, Curefoods), Adrian Auon (Founder, Forward), Sajid Rahman (Founder, Telenor Health), Ravi Bhushan (Founder, Brightchamps), and Vivekananda HR, also participated in the round (CEO and Founder, Bounce).
The Bengaluru-based business will utilise the money to build across omnichannel GTMs with a distribution-first strategy, grow its product, content, and care delivery teams, and strengthen and diversify its product portfolio.
Karan Mohla, Partner at B Capital, said, “We believe they are solving one of the biggest problems in consumer health and wellness and can drastically revolutionise the way consumers think about speciality wellness. Their patient experience and care level are astounding, and they are drawing in the top talent in the nation. We are delighted to support what is emerging as a neo-healthcare delivery system in developing countries for ailments where the care value chain is fundamentally flawed by leveraging technology and data across a complete stack offering.”
Ashwin Swaminathan, the co-founder of Mojocare, said, “Despite the market appearing to be full, the majority of the players provide a transactional experience by offering generic products on third-party marketplaces, where they have no control over the wellness journey of the user. We are taking a very distribution-first approach to unlock this latent market and drive top of the funnel with credible clinical information, access to specialists, and a digital engagement-led user journey.”
Rajat Gupta, the co-founder of Mojocare, stated, “400 million people in India are dealing with problems with their skin, mental health, fertility, and women’s and sexual wellness. Customers have little faith in them, and access is severely constrained because of a virtually nonexistent care layer. The risk of counterfeit goods being marketed offline is high, and the frequency of inexperienced and dishonest health practitioners is concerning.”
About Mojocare
Mojocare was founded in 2021 by Ashwin Swaminathan and Rajat Gupta and provides individualised and comprehensive care for sexual health, women’s wellbeing, mental wellness, and hair loss. Specialised wellness helps customers manage chronic and lifestyle-related disorders by providing personalised care.
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