Health and wellness startup Mosaic Wellness, which runs brands like Man Matters and Be Bodywise, has raised over $20 Mn (around INR 175 Cr) from Think Investments.

According to the MCA filing assessed by Inc42, the company’s board has passed a special resolution to allot 16,279 Series C Compulsorily Convertible Preference Shares (CCPS) of INR 2 face value at a premium of INR 1.07 Lakh per share for INR 1,74,99,92,500.

“The issue is in the interest of the company’s growth and future plans,” the filing said.

The startup’s pre-money valuation was $380 Mn and after the allotment it is valued at $400 Mn.

Founded by Revant Bhate and Dhyanesh Shah in 2020, Mosaic Wellness runs digital health platforms Man Matters, Be Bodywise and Little Joys, offering products and services for men, women and children, respectively.

The platforms offer telemedicine consultation services, supplements, and other wellness products.

Mosaic Wellness earns most of its revenue through the sale of nutritional supplements, medicines, and other wellness products.

In the financial year 2024, the startup’s consolidated operating revenue zoomed 60% to cross the INR 300 Cr mark. It posted operating revenue of INR 333.32 Cr in FY24 as against INR 206.20 Cr in the previous fiscal year.

It has also trimmed its loss by 38% to INR 38.78 Cr in FY24 from INR 62.19 Cr in the year ago period.

The Mumbai-based startup claims to help over 2.5 Mn men with diagnoses and treatments, more than 4 Mn women by giving personalised solutions every year, and over 2 Mn parents through its platform for kids’ health.

The startup has raised a total funding of $35.25 Mn to date and counts the likes of Peak XV Partners, Elevation Capital and Matrix Partners India among its investors.

It last raised round led by Peak XV (then Sequoia Capital India) in 2021.

The development comes at a time when India’s healthtech startups are witnessing challenges to scale up amid lack of funding. These startups raised a mere in 2024.

Besides, a number of healthtech startups like Kenko Health, DayTwo, Nintee, and ConnectedH, shut operations in recent times, while others like Breathe Well-being laid off employees.

Experts also opine that the lack of funding is leading to a slowdown in the healthtech sector. “India is losing early stage healthtech startups to overseas players due to a lack of domestic capital,” said Indian Angel Network’s (IAN’s) cofounder .

In the first quarter of the financial year 2025, the funding stood at $301 Mn largely on the back of healthtech unicorn Innovaccer’s $275 Mn fundraise.

Last month, healthtech startup , 3one4 Capital, among others raised INR 71.5 Cr (about $8.3 Mn) in a mix of equity and debt, sources told Inc42.

India’s healthtech sector is home to unicorns like Pharmeasy, Cure.Fit, Innovaccer and Tata 1mg. Overall, more than 11,000 healthtech startups have emerged in the country since 2014.

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