The startup runs two platforms: Manmatters and Bodywise, aimed at men and women respectively
It provides telemedicine consultation services as well as selling medicines and health and wellness products
The Indian health and wellness industry is estimated to be worth INR 490 Bn according to FICCI
Mumbai-based health and wellness startup Mosaic Wellness has raised $24 Mn in a Series A funding round led by Sequoia Capital India. Existing investors Elevation Capital and Matrix Partners India also participated in the round.
The startup had earlier raised $10 Mn in seed funding from Elevation Capital, Sequoia Capital India and Matrix Partners India alongside angel investors like Jitendra Gupta, Kunal Shah and Jaydeep Barman.
Founded by Revant Bhate and Dhyanesh Shah in early 2020, Mosaic Wellness runs digital health clinic platforms Manmatters and Bodywise. The platforms are focused on curated services and products for Men’s and Women’s health respectively. Both the platforms offer telemedicine consultation services bundled with D2C medicines, supplements and other wellness products.
The platforms have a community and content-first approach that focuses on building a safe space for people to discuss their health. The men’s health platform Manmatters, for example, has a focus on issues like hair loss and sexual health: topics that not everyone will feel comfortable speaking about.
The startup has annualised revenue of $14 Mn and serves more than 100,000 customers a month across its offerings, it claims.
Mosaic Wellness seeks to separate itself from the rest of the competition by its customer acquisition process: instead of focusing on bringing in as many paying customers into the funnel, the startup puts a larger effort towards creating content and a community that trusts the brand.
“If someone walks into a fast-food restaurant to order a meal, the restaurant’s primary objective is to make that person spend as much as possible on the meal: they want you to upsize your order and concerns about how you feel about the restaurant are secondary”, said founder Revant Bhate in an interview with Inc42.
“For us, we are focused on building the community first by developing unique content. If you look at Manmatters’s Instagram page, we have put in the effort to create a community where men will feel they are in a safe and comfortable environment to discuss and diagnose taboo health topics,” he continued.
This is evidently clear from Manmatter’s Instagram page, where they have more than 125K followers — the page is filled with friendly and relatable content about topics that many men feel uncomfortable talking about, like mental health issues, sexual performance problems, male-pattern baldness etc.
According to the Federation of Indian Chambers of Commerce and Industry, the overall wellness market in India is estimated at INR 490 Bn and wellness services alone comprise 40% of this market.
In the past few months, we have seen several brands taking a content approach for attracting users.
For example, MyGlamm, which entered the unicorn club yesterday, positions itself as a content-to-commerce platform. Along with its acquired companies i.e. POPxo (in 2020) and Babychakra (in 2021), MyGlamm boasts of a community of over 80 Mn women. “We have converted over 8 Mn people on the POPxo community to transacting MyGlamm users with our content to commerce model and we will replicate it with the mom and baby segment,” MyGlamm cofounder Darpan Sanghvi had said earlier.
Similarly, last month, it acquired digital media and lifestyle platform ScoopWhoop to boost its male grooming segment.