Digital Healthcare Platform Mojocare Raises US$20.6M in Series A Led By B Capital
Alpha Digital Health Pvt. Ltd, which operates healthtech startup Mojocare, has raised $20.6 million (Rs 160 crore) in a Series A funding round led by B Capital Group, with participation from existing investors Chiratae Ventures, Sequoia India’s Surge, and Better Capital, as well as angel investors Vineet Jain (Times Group), Kunal Shah (CRED), Ankit Nagori (Curefoods), Adrian Auon (Forward), Sajid Rahman (Telenor Health), Ravi Bhushan (Brightchamps) and Vivekananda HR (Bounce).
Mojocare, founded in May 2021 by Ashwin Swaminathan and Rajat Gupta, provides goods and services for sexual health, mental wellbeing, and hair loss. Users can also consult with doctors online and find health coaches, therapists, and nutritionists.
Within a year of its inception, Mojocare claims that it has provided care to people in 50% of India’s pincodes and the number of service providers, including nutritionists, therapists, health coaches, and doctors, has increased 12 times.
“In India, 400 million users battle 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 non-existent care layer. The prevalence of unskilled and dishonest health professionals is alarming, and the likelihood of counterfeit products being sold offline is considerable,” said Rajat Gupta, Co-Founder, Mojocare.
Ashwin Swaminathan, Co-Founder, Mojocare, 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 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.”
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.
