Health and digital wellness startup Mojocare has secured US$20.6 million (INR 160 Cr) in Series A funding. The round was led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital.
The funding round also saw participation from Vineet Jain (MD, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder, 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).
The Bengaluru-based company will utilise the funds to expand its product, content, and care delivery teams, and strengthen and diversify its product portfolio along with brand presence.
Karan Mohla, Partner at B Capital said, “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 speciality wellness. They are attracting the best talent in the country and their patient experience and care layer is inspiring.”
The latest funding comes almost two years after they first raised US$3.08 million (INR 24 Cr) 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.
Founded in May 2021 by Ashwin Swaminathan and Rajat Gupta, Mojocare offers personalised care across sexual wellness, women's wellness, mental wellness, and hair loss.
“In India, 400 million users are battling 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 nonexistent care layer. The prevalence of unskilled and dishonest health professionals is alarming, and the likelihood of counterfeit products sold offline is considerable,” said Rajat Gupta, Co-Founder, of Mojocare.
Ashwin Swaminathan, Co-Founder, of 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 very 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.”