Mojocare on Tuesday announced that it has raised US$20.6 million (INR 160 Crore) in a Series A fundraising round led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital.
According to the company’s press statement, the Bengaluru-based company will use the funds to expand its product, content, and care delivery teams, strengthen and diversify its product portfolio, and scale across omnichannel GTMs with a distribution-first approach.
The company claims that the funding round also saw participation from some of India’s top angel investors and leading industry giants like Vineet Jain (MD, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder, Curefoods), Adrian Auon (Founder and CEO, Forward), Sajid Rahman (Founder and CEO, Telenor Health), Ravi Bhushan (Founder and CEO, Brightchamps), and Vivekananda HR (CEO and Founder, Bounce).
Founded in May 2021 by Ashwin Swaminathan and Rajat Gupta, Mojocare offers personalised and full-stack care across sexual wellness, women’s wellness, mental wellness, and hair loss.
“These disorders cannot be addressed with a single medication or consultation since they are chronic and lifestyle related. Instead, they need comprehensive care and digital health monitoring that is provided over an extended period of time. In this vast, non-discretionary market, the long tail of regional brands and traditional ayurvedic products would never be able to win over consumer mindshare or meet clinical needs,” Mojocare said in a statement on Tuesday.
B Capital has over US$6 billion of assets under management, led by Facebook co-founder Eduardo Saverin and former Bain Capital executive Raj Ganguly.
“In India, 400 million users are battling issues related to dermatological, mental health, fertility, and women’s and sexual wellness. Consumers have a serious lack of trust in them, and access is severely limited due to a nearly nonexistent care layer. The prevalence of unskilled and dishonest health professionals is alarming, and the likelihood of counterfeit products sold offline is considerable,” said Rajat Gupta, Co-Founder, Mojocare.
In October 2020, Mojocare had raised US$3.08 million (INR 24 Cr) in seed funding from Chiratae Ventures, Sequoia India’s Surge along with a group of angel investors that included Peyush Bansal of Lenskart, Kunal Bahl and Rohit Bansal of Snapdeal, Amit Bhasin and Kushal Karwa of Gomechanic, Gaurav Agarwal of 1mg, Sai Srinivas of MPL, Aakrit Vaish of Haptik, Miten Sampat of Cred, Puneet Gupt of TIL, and Harsh Shah of Fynd, the company claims.