Gurugram-based men’s health and wellness startup, misters.in, has raised $1 Mn (INR 3.5 Cr) in seed funding led by Sauce.vc, Rainforest Ventures and other angel investors
In a press statement, the company said that it will be using the fund to strengthen its presence in the niche segment of men’s health and wellness. It will also be focusing on developing high-quality products, science, and sensitivity solutions.
Manu Chandra, the founder and managing partner of Sauce.vc, said that the misters.in is placed well to create relevant proprietary products and market them in an intelligent manner. He also said that the team’s expertise, along with its strong technology capabilities, will drive the platform forward.
Founded in 2019, by Saurabh Kumar, Gaurav Gupta, Suhas Misra and Pavan Melukote, misters.in is a platform that answers men’s sexual health (erectile dysfunction (ED)), wellness, habits and problems, and offers products that are delivered at users’ doorstep.
Misra said that the platform offers men a way to better their health through interactive quizzes that answer questions about better sex, better hair, better skin among others. The Gurugram-based startup is said to expand into other cities across India, where it plans to offer interface both in Hindi and English, he added.
The health and wellness company uses an artificial intelligence (AI)-driven platform to provide personalised therapy to men on their smartphones as there is already a lot of social stigma regarding male sexual issues and health.
Health & Wellness Market In India
According to the Global Wellness Industry Report 2018, the health and wellness segment is worth over $3.72 Tn and has the potential to grow further in the coming years.
Meanwhile, Earnt & Young stated the Indian wellness industry is poised to grow at a compound annual growth rate (CAGR) of 12% for the next five years and is expected to reach INR 1.5 Tn by 2020. The growth of wellness services is said to be influenced by disposable incomes, changing lifestyles and technology trends among others.
Moreover, Inc42’s annual tech startup funding report also stated that the healthtech and wellness segment was the second most funded sector in 2017, where it secured combined funding of $333 Mn spread across 111 deals, which is 3x times the amount raised by startups in 2016.