Matrix-backed Mosaic Wellness raises $24M

Matrix-backed Mosaic Wellness raises $24M in Series A

The round was led by Sequoia Capital India with participation from existing investors Elevation Capital and Matrix Partners India

Mumbai. 10th November 2021: Mosaic Wellness, a health & wellness start-up running digital health clinic platforms Manmatters and Bodywise, today announced that it has raised $24M in a Series A investment round. This round was led by Sequoia Capital India with participation from existing investors Elevation Capital and Matrix Partners India.

Mosaic previously raised a $10M Seed round in December 2019, pre-launch, from Elevation Capital, Sequoia Capital India & Matrix Partners India alongside marquee angel investors like Jitendra Gupta, Kunal Shah & Jaydeep Barman.

Founded by Revant Bhate and Dhyanesh Shah in early 2020, Mosaic was set up with the vision of delivering consumer-centric, vertically integrated, & affordable digital healthcare platforms, which led to the birth of Manmatters (manmatters.com) in May 2020 & Bodywise (bebodywise.com) in May 2021, which are focused on curated services & products for Men's health and Women's health respectively. The business now has annualized revenues of $14M and serves more than 100,000 customers a month across its health & wellness offerings.

Commenting on fundraise, Co-founder & CEO, Revant Bhate said, "We started with a vision to make wellness accessible and affordable for Indians and have been able to build a very purpose-driven team, keen to solve for this. As we have validated our initial thesis we are thankful to all the stakeholders who have helped us get to this stage and continue to aspire to help more of us lead a healthier lifestyle in the coming decade.'

"Over the last 18 months, the company has executed brilliantly, growing almost 10X in terms of users and revenue. It's a testament to the clear white space for digital-first health clinics in India and the strong value proposition the company has built for both men and women across multiple treatment areas. We are excited to double down on the partnership and for the journey ahead,' said Abhishek Mohan, Principal at Sequoia Capital India.

Manmatters has now served more than 300K men across key therapeutic areas like dermatology, sexual health, hygiene, and nutrition. This digital clinic for men provides primary care services and products that help men with erectile dysfunction, premature ejaculation, hair loss, gut health, nutritional deficiencies, etc. They have also recently expanded into providing diagnostic services for general health needs.

Bodywise has already served more than 100K women across key therapeutic areas like hair loss, PCOS, skin health, intimate health & nutrition. This full-stack health & wellness platform includes a community, tele-health consultation, and diverse portfolio of products for skincare, hair care, weight management, nutrition, PCOS & intimate health.

"We partnered with Revant and Dhyanesh at the paper plan stage, and their DNA of building consumer-first propositions was quite evident even at that time. Since then, it's been very exciting to see how they have executed, built a solid team, and expanded the vision to solve a very hard problem of providing a digital health coach remotely via technology at scale,' said Mukul Arora, Managing Director, Elevation Capital.

"It has been a pleasure and a privilege working with Revant & Dhyanesh in this journey which is just starting '“ have been amazed by the analytical rigor layered on top of customer backwards thinking from day zero. A very strong foundation is in place for an amazing team executing to their full-stack health & wellness vision and exciting times ahead!' commented Avnish Bajaj, Founder and Managing Director, Matrix India.

About Mosaic Wellness:
Mosaic Wellness is a platform of consumer-first digitally native full-stack digital-health clinics to make holistic wellness affordable & accessible to Indians. Mosaic currently operates two large clinics viz manmatters.com for men's health & wellness and bebodywise.com for women's health & wellness. The platform does more than 30,000 telehealth consultations a month around various therapeutic areas and now serves more than 100,000 users a month with the products & services. For more information, visit manmatters.com and bebodywise.com

About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading consumer-focused companies such as, Country Delight (D2C dairy & fresh foods brand), W For Woman (ready to wear fashion label), OZiva (India's leading clean, plant-based nutrition brand), Open Secret ("unjunked' snack brand), The Whole Truth (clean label food brand), DaMENSCH (premium men's apparel brand), Chumbak (design-led lifestyle brand) and &Me (health tech platform for women).

Other marquee investments include Ola (mobility), Dailyhunt (mobile local language platform), Razorpay (payments), OfBusiness (B2B Commerce, fintech), Five Star Business Finance (SME lending), Ola Electric (electric vehicles), Stanza Living (tech-enabled student housing platform), OneCard (mobile-first credit card), DealShare (social commerce platform), Mswipe (mobile POS), and Zupee (leading skill-based gaming app) among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in. To know more about our investment philosophy & ideologies, check out the #MatrixMoments podcast series.