The funding round was led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge and Better Capital
The Bengaluru-based startup will use the funds to scale its omnichannel go-to-market strategy and hire more
Mojocare offers personalised care delivery system across domains such as sexual wellness, women's wellness, mental wellness and hair loss
Healthtech startup Mojocare has raised $20.6 Mn (INR 160 Cr) in a Series A funding round led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge and Better Capital.
The round also saw participation from angel investors such as Times Group MD Vineet Jain, CRED CEO Kunal Shah, Curefoods founder Ankit Nagori, Forward CEO Adrian Auon, Telenor Health CEO and founder Sajid Rahman, Brightchamps CEO Ravi Bhushan and Bounce founder Vivekananda HR.
The Bengaluru-based startup will use the funds to diversify its product portfolio and scale its omnichannel go-to-market strategy with a specific focus on distribution. Mojocare will also deploy the investment to hire more as it looks to expand teams across content and care delivery.
Founded in 2020 by Ashwin Swaminathan and Rajat Gupta, Mojocare offers personalised care delivery system across domains such as sexual wellness, women’s wellness, mental wellness and hair loss. It also offers medication as well as consultations with nutritionists, therapists, health coaches and doctors on its platform.
“Despite the space seemingly being crowded, most of the players offer a transactional experience…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,” Mojocare cofounder Swaminathan said.
Echoing the sentiment, partner at B Capital Karan Mohla said, “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.”
The startup had last raised $3.08 Mn in a seed funding round in October 2020. It is backed by marquee names such as Chiratae Ventures, Sequoia India, Lenskart’s Peyush Bansal, Snapdeal’s Kunal Bahl and Rohit Bansal, among others.
The startup claims to have grown by 60X since May 2021 while witnessing a 12X jump in the number of service providers on its platform. Mojocare has also increased its paid subscriber base by 45X in 12 months since May 2021 and delivered its ‘care’ services to users across 50% of India’s pincodes.
According to the startup, the country is home to 400 Mn people who are battling various issues related to dermatological, mental health, and sexual wellness.
Mojocare competes with the likes of Mosaic Wellness and BoldCare across different verticals.
According to an Inc42 report, the total addressable market size of the healthtech industry in the country is projected to reach $21 Bn by 2025. Additionally, the Indian preventive healthcare market is also expected to soar to $170 Bn by 2025.