Mojocare, an India-based full-stack health and wellness clinic, said Tuesday it has raised $20.6 million in a Series A fundraising 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 some of India's top angel investors and leading industry giants like Vineet Jain (Managing Director, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder of Curefoods), Adrian Auon (Founder and Chief Executive Officer, Forward), Sajid Rahman (Founder and Chief Executive Officer, Telenor Health), Ravi Bhushan (Founder and Chief Executive Officer, Brightchamps), and Vivekananda HR (Chief Executive Officer and Founder, Bounce), the Bengaluru-based company said in a statement.

The firm said it 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.

“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 Mr. Rajat Gupta, Co-Founder, Mojocare.

Meanwhile, Mojocare Co-Founder Ashwin Swaminathan Co-Founder said 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,” he said.

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.
The personalised care delivery system assists users in managing chronic and lifestyle-driven illnesses across specialised wellness.

Within 12 months of launch, Mojocare has registered a 45 times growth in its paid subscriber base and delivered care to users across 50 percent of India’s pincodes with a net promoter score (NPS) of 60, showcasing unparalleled user love and industry best retention. The company also recorded a 60 times growth since its launch.

The exponentially rising user base was also reflected in Mojocare witnessing a 12 times jump in its number of service providers that includes nutritionists, therapists, health coaches and doctors of the highest caliber.

“We are excited to partner with Ashwin and Rajat, founders of Mojocare. We believe they are solving one of the largest problems in consumer health and wellness and can radically
transform the way people think about specialty wellness,

“They are attracting the best talent in the country and their patient experience and care layer is inspiring. We are thrilled to back what is emerging as a neo healthcare delivery system across emerging markets for conditions where the care value chain is fundamentally broken by leveraging technology and data across a full stack offering,” said Karan Mohla, Partner at B Capital.

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, 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.

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