Digital wellness startup Mojorcare bags USD 20 Mn in Series A funding

Mojocare, a wellness and health startup has reportedly raised USD 20.6 million in a Series A round of funding which was led by B Capital Group and saw participation from existing investors including Sequoia India’s Surge, Better Capital, and Chiratae Ventures.

These funds are likely to be utilized for the development of goods, content, and care delivery workers along with enhancing its portfolio and scaling up across channels with an approach centered on distribution networks.

The Bengaluru-based company claims that it has provided care to users in over 50% of India’s pin codes within a year of its launch. Moreover, the proportion of its service providers which includes an array of professionals like therapists, doctors, nutritionists, etc. had observed a 12x growth.

Karan Mohla, Partner at B Capital expressed his excitement about Mojocare and stated that the founders of the startup are recruiting some of the brightest minds in the country and that the investment firm is ecstatic about supporting what seems to be a neo-delivery system for healthcare across developing markets for conditions where the care framework is badly designed.

Mojocare was founded by Rajat Gupta and Ashwin Swaminathan in May 2021. It offers overall wellness and personalized care delivery systems for people suffering from lifestyle-related ailments. 

Rajat Gupta claims that in India, 400 million users deal with skin-related, psychological, and fertility issues, and consumers have little faith as the connectivity is sharply curtailed due to a nearly non-existent care layer.

He added that the presence of non-skilled and deceitful healthcare workers is concerning, and the possibility of fake goods being sold offline is high.

In the same context, Ashwin Swaminathan added that despite this space appearing to be populated, most of the players give a transaction-oriented experience by selling generic brands on third-party platforms.

Notably, other participants that are supporting this business endeavor are Brightchamps founder Ravi Bhushan, Times Group MD Vineet Jain, Bounce CEO Vivekananda HR, Forward CEO Adrian Auon, Cred founder Kunal Shah, Telenor Health CEO Sajid Rahman, and Curefoods founder Ankit Nagori.

Source credit:

https://www.thehindubusinessline.com/info-tech/eduardo-saverins-b-capital-leads-20-million-funding-round-in-mojocare/article65800573.ece