Mosaic Wellness, a Mumbai-based health and wellness startup, has secured $20 million (approximately ₹175 crore) in a new funding round led by Think Investments. The company, co-founded by CEO Revant Bhate and Dhyanesh Shah in 2020, operates digital health platforms including Man Matters, Be Bodywise, and Little Joys.
Key Details
- Funding Amount: $20 million (₹175 crore)
- Lead Investor: Think Investments
- Valuation: Pre-money valuation of $380 million; post-money valuation of $400 million
- Share Allocation: 16,279 Series C Compulsorily Convertible Preference Shares (CCPS) issued at ₹1,07,498 each
- Revenue Growth: Operating revenue increased by 62% to ₹333 crore in FY24
- Loss Reduction: Net loss reduced from ₹62 crore in FY23 to ₹39 crore in FY24
- User Reach: Serving over 2.5 million men, 4 million women, and 2 million parents annually through its platforms
Founder's Background
Revant Bhate, Co-founder and CEO of Mosaic Wellness, previously served as a Partner at Kstart, the seed fund of Kalaari Capital. He also held the position of Chief Marketing Officer at Rebel Foods, where he contributed to building brands like Faasos and Behrouz Biryani. Bhate's experience spans investment banking and venture capital, providing a strong foundation for his entrepreneurial endeavors.
Dhyanesh Shah, Co-founder of Mosaic Wellness, brings a background in finance and strategy. An alumnus of the Indian Institute of Management Ahmedabad, Shah has experience in investment roles and has been instrumental in shaping Mosaic's customer-centric approach.
Funding Details
- Seed Round: $10 million in November 2019, led by Elevation Capital and Peak XV Partners
- Series A: $24 million in November 2021, led by Peak XV Partners
- Venture Round: $1.3 million in December 2021, led by Spring Marketing Capital
- Total Funding: Approximately $35.3 million prior to the latest round
- Current Round: $20 million from Think Investments, bringing total funding to over $55 million