Digital wellness platform Mojocare has raised $20 million in a Series A round led by B Capital’s Ascent Fund and existing investors Chiratae Ventures, Sequoia India’s Surge and Better Capital.
The funding round also saw participation from angel investors, including Times Group MD Vineet Jain; CRED founder Kunal Shah; and Curefoods founder Ankit Nagori. Mojocare aims to use the funds to expand its product, content and care delivery teams, strengthen and diversify its product portfolio and scale across omnichannel GTMs (go-to-market).
Mojocare, which offers solutions for sexual wellness, hair loss, women’s health and weight loss, was founded just over a year ago by Ashwin Swaminathan and Rajat Gupta. Within 12 months of launch, Mojocare claims to have registered a 45 times growth in its paid subscriber base and delivered care to users across 50% of India’s pin codes.
On its website, Mojocare has listed doctors with experience ranging from 3 years to 17 years.
In October 2020, Mojocare had raised $3.08 million in seed funding from Chiratae Ventures, Sequoia India’s Surge along with a group of angel investors that included Peyush Bansal of Lenskart and Kunal Bahl and Rohit Bansal of Snapdeal.
The company competes with many companies such as Nykaa, purplle.com, mamaearth and myglamm.com, among others.
“Despite the space seemingly being crowded, most of the players offer a transactional experience, selling generic products on third-party marketplaces where they have no ownership over the user’s wellness journey. 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 co-founder Ashwin Swaminathan said in a statement.