Bengaluru-Based Startup Mojocare Raises $20.6 Mn In A Series A Funding Round

Mojocare, a healthtech firm, has raised $20.6 million (INR 160 crore) in a Series A round of funding, which was led by B Capital and included previous backers Chiratae Ventures, Sequoia India's Surge, and Better Capital. Angel investors include Times Group MD Vineet Jain, CRED CEO Kunal Shah, Curefoods founder Ankit Nagori, Forward CEO Adrian Auon, Telenor Health CEO and founder Sajid Rahman, Brightchamps CEO Ravi Bhushan, and Bounce founder Vivekananda HR also participated in the round.

The Bengaluru-based business will utilise the funding to scale its omnichannel go-to-market approach with a focus on distribution and broadening its product line. As part of its efforts to grow teams for both content and care delivery, Mojocare will also deploy the money to hire new people.

Mojocare, a company founded in 2020 by Ashwin Swaminathan and Rajat Gupta, provides a personalised care delivery system in a variety of domains, like hair loss, mental wellness, sexual wellness, and women's wellness. On its platform, it also provides prescription drugs and consultations with nutritionists, therapists, health coaches, and doctors.

According to Swaminathan, a co-founder of Mojocare, "Despite the fact that it appears to be packed, the majority of players give a transactional experience. we are taking a very distribution-first approach to unlock this untapped market and drive top of the funnel through reputable clinical information, access to specialists, and a digital engagement-led user journey.

Partner at B Capital Karan Mohla echoed the opinion, saying, "They are luring the best talent in the nation, and their patient experience and care layer is inspiring. We are delighted to support what is emerging as a neo healthcare delivery system in developing countries for ailments where the care value chain is fundamentally flawed by leveraging technology and data across a complete stack offering.

In October 2020, the firm has received $3.08 Mn in a seed fundraising round. It is supported by well-known investors including Chiratae Ventures, Sequoia India, Peyush Bansal of Lenskart, Kunal Bahl of Snapdeal, and Rohit Bansal, among others.

The startup claims to have increased by 60X since May 2021, and the number of service providers using its platform has increased by 12X. In the 12 months since May 2021, Mojocare has grown its paid subscriber base by 45X and offered its "care" services to users in 50% of India's pin codes.