Mojocare, an India-based full-stack health and wellness clinic, has raised $20.6 million (INR 160 Cr) in a Series A fundraising round led by B Capital and existing investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital.
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 funding round also saw participation from some of India’s top angel investors and leading industry giants like Mr. Vineet Jain (MD, Times Group), Kunal Shah (Founder, CRED), Ankit Nagori (Founder of 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. 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.
“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,” the company said in a statement.