Consumer goods brand Mosaic Wellness announced that it has raised $10 Mn in its maiden funding round led by SAIF Partners, Sequoia Capital and Matrix Partners. As a part of the deal Mukul Arora from SAIF Partners, GV Ravishankar from Sequoia and Avnish Bajaj from Matri will join Mosaic Wellness as board of directors.
Angel investors Cred founder Kunal Shah, Citrus Pay founder Jitendra Gupta, Rebel Foods cofounder Jaydeep Barman, Eight Roads Ventures’ Raj Dugar, Delhivery cofounder Sahil Barua also participated in the round.
Mosaic Wellness, which is planning to launch its wellness-focussed products in 2020, will use the funding to hire talent and focus on research and development of new products.
Founded In 2019 by prominent venture capitalists Revant Bhate of Kalaari Capital and Dhyanesh Shah of Eight Road Ventures, Mosaic Wellness is a beauty and wellness company that focuses on cruelty-free and natural products. According to the company’s website, Mosaic Wellness will also give users the option to customise and personalise the products.
Mukul Arora, Managing Director, SAIF Partners, said, “Over the next 8-10 years, there is an opportunity to build large Indian consumer brands across verticals. One of the spaces that we are really excited about is solution-oriented brands in the personal care space.”
According to management consulting firm BCG, premium products are the most in-demand products in the market, followed by health and wellness products, and lifestyle and recreation products. Therefore, despite the economic slowdown and four-decade’s lowest consumption rate, invests have been investing in such brands.
Last week, early-stage venture capital firm Fireside Ventures announced the first close of its $100 Mn Fund II at $60 Mn to invest in consumer brands across sectors like food and beverages, personal care, lifestyle and home products.
Kanwaljit Singh, managing partner of Fireside Ventures, said that the consumer brand startup ecosystem is evolving rapidly and the opportunities to build large consumer brand is also growing at the same pace across multiple sectors, therefore the VC firms gives a special attention to the consumer brands.
The company also announced that its investment in women’s wellness brand Gynoveda, which makes ayurvedic products for menstrual health. Moreover, another consumer brand ‘And Nothing Else (ANE)’ raised an undisclosed amount from Matrix Partners and Sauce.vc in seed round last week.