Mosaic Wellness Pvt Ltd, a health and wellness startup, on Wednesday said it has raised $24 million (Rs 177 crore) as part of its Series A funding round led by existing investor Sequoia Capital India.
Other existing investors Elevation Capital (formerly SAIF Partners) and Matrix Partners India also participated in this funding round, said Mosaic Wellness in a statement.
Founded in early 2020 by Revant Bhate and Dhyanesh Shah, the company operates two digital-health clinics -- manmatters.com for men and bebodywise.com for women. Manmatters and Bodywise have served more than 300,000 men and 100,000 women, respectively. Bodywise also includes tele-health consultation services and a diverse portfolio of products.
The company claims to have an annualized revenues of $14 million and serve more than 100,000 users a month.
The startup had raised $10 million in a pre-launch seed round in December 2019 from Elevation Capital, Sequoia Capital India and Matrix Partners India, along with marquee angel investors like Jitendra Gupta, founder of neobank startup Jupiter, Kunal Shah, founder of Cred and Jaydeep Barman, cofounder of Rebel Foods.
“We started with a vision to make wellness accessible and affordable for Indians and have been able to build a very purpose-driven team, keen to solve for this", said Bhate, previously a partner with Kstart Capital, a seed programme run by venture firm Kalaari Capital.
Bhate's cofounder Shah was formerly a principal with venture capital firm Eight Roads Ventures.