Mosaic Wellness Secures Rs 175 Crore in New Funding Round

Mosaic Wellness, the holding company behind brands such as Man Matters, Boywise, and Little Joys, has successfully raised Rs 175 crore (about $20 million) from Think Investment during a recent funding round.

The board of Mosaic Wellness has made a special resolution to issue 16,279 compulsory convertible preference shares at an issue price of Rs 1,07,500 each to secure this funding, as disclosed in their regulatory filing from the Registrar of Companies (RoC). The filings further indicated that the fresh capital will be directed towards the company’s growth, expansion, and various corporate needs.

Based on estimates from Startup Superb, after this recent allotment, the company is valued at nearly $400 million. Following this investment, Think Investment’s stake in the company will be 5.04%.

About Mosaic Wellness

Established in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness operates as a digital-forward consumer health platform offering services through three distinct brands targeting men, women, and children. Its flagship brand, Man Matters, provides solutions spanning derma, sexual health, hygiene, and nutrition.

Previous Funding and Growth

Mosaic Wellness has accumulated over $65 million in total funding thus far, which includes a $24 million Series A round led by Peak XV, along with participation from existing investors Elevation Capital and Matrix Partners India in 2021. Reports from a startup data intelligence platform suggest that Elevation Capital remains the largest external investor, followed closely by Peak XV and Matrix Partners.

Performance Metrics

The company has shown a significant year-on-year growth of 61.7%, reaching Rs 333 crore for the fiscal year ending in March 2024, a notable increase from Rs 206 crore in FY23. In addition, Mosaic Wellness has successfully reduced its losses by 37.1%, bringing them down to Rs 39 crore during the same time frame.