Bengaluru: Mojocare, India’s fastest-growing full-stack health and wellness clinic, has raised US$20.6 million (INR 160 Cr) in a Series A fundraising round led by B Capital and existing investors 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 also saw participation from some of India’s top angel investors and leading industry giants like 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).
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 across specialised wellness.
Within 12 months of launch, Mojocare has registered a 45 times growth in its paid subscriber base and delivered care to users across 50 percent of India’s pincodes with a Net Promoter Score (NPS) of 60, showcasing unparalleled user love and industry best retention. The company also recorded a 60 times growth since its launch. The exponentially rising user base was also reflected in Mojocare witnessing a 12 times jump in its number of service providers that includes nutritionists, therapists, health coaches, and doctors of the highest caliber.
“These disorders cannot be addressed with a single medication or consultation since they are chronic and lifestyle related. Instead, they need comprehensive care and digital health monitoring that is provided over an extended period of time. In this vast, non-discretionary market, the long tail of regional brands and traditional ayurvedic products would never be able to win over consumer mindshare or meet clinical needs,” Mojocare said in a statement.
“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 US$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 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, Mojocare.
Highlighting how Mojocare will capture the market, 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 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.”
In October 2020, Mojocare had 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 that included 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.