Mosaic Wellness, the parent company of Man Matters, Be Bodywise, and Little Joys, has recently secured a new funding round of Rs 175 crore (approximately $20 million) from Think Investment. This was achieved through the issuance of 16,279 compulsory convertible preference shares at an issue price of Rs 1,07,500 each.
Following this funding round, Mosaic Wellness has been valued at around $400 million post-allotment. Think Investment will hold 5.04% of the company after this investment. The company plans to utilize the fresh capital for growth, expansion, and general corporate purposes.
This recent funding adds to the capital Mosaic Wellness has previously raised. To date, the company has raised over $65 million. This includes a $24 million Series A round in 2021 led by Peak XV, along with existing investors Elevation Capital and Matrix Partners India. Their first funding round took place on September 13, 2019.
This funding round comes at a time when Mosaic Wellness has demonstrated significant financial growth. In the financial year 2023-24 (FY24), the company’s consolidated operating revenue zoomed 60% to cross the INR 300 Cr mark, reaching INR 333.32 Cr compared to INR 206.20 Cr in FY23. Furthermore, improvements in margins led to a 38% decline in losses to INR 38.78 Cr in FY24 from INR 62.19 Cr in the previous fiscal year.
Mumbai-based Mosaic Wellness, founded in December 2019 by Revant Bhate and Dhyanesh Shah, is a digital-first consumer health platform. This means that its primary mode of operation and customer interaction is through digital channels. The platform runs three separate brands catering to different demographics: Man Matters for men, Be Bodywise for women, and Little Joys for kids.
Through these platforms, Mosaic Wellness offers a range of services and products. Notably, they provide telemedicine consultation services. Additionally, they offer and sell a variety of supplements and other wellness products. In fact, the company earns most of its revenue through the sale of nutritional supplements, medicines, and other wellness products available on its platforms.
Man Matters is the flagship brand focusing on men’s health and wellness. It provides solutions across various categories, including derma, sexual health, hygiene, and nutrition. The company emphasises that its products are cruelty-free and natural. Man Matters claims to help over 2.5 million men annually with diagnoses and treatments.
Be Bodywise caters to women, providing personalised solutions every year, reaching more than 4 million women. It operates as a digital health platform, helping women make wellness choices for their own bodies and finding solutions that work with the guidance of an expert doctor or nutritionist.
Little Joys is a brand focused on kids’ health, aiming to support over 2 million parents through its platform. This also operates within the same digital-first model to support children’s overall health and well-being through their products, including multivitamin gummies and nutrition powders, that focus on immunity, bone health, brain development, and more.
With a team of 418 employees, Mosaic Wellness aims to simplify health solutions using technology and customer-first products. The company operates in a competitive market with 286 active competitors, including Visit Health, Teladoc, and MyHealthcare
