New Delhi, March 12 -- Mosaic Wellness Pvt Ltd, the consumer health company behind brands such as Man Matters, Be Bodywise and Little Joys, has secured capital from 360 ONE Asset, while an early investor reduced its stake in the company.
VCCircle reported earlier that Mosaic Wellness was close to collecting fresh capital from 360 ONE.
The Mumbai-based company announced Thursday that it raised a Rs 200 crore ($21.7 million) round from the asset management firm that manages around $11 billion across multiple asset classes. The transaction involved both primary and secondary components, paving the way for the partial exit of one if Mosaic's early backer Spring Marketing Capital.
The early-stage venture capital firm is understood to have offloaded half its stake in the company, generating a 6.5x return on invested capital over five years. Spring Marketing Capital invested $1.25 million (around Rs 9.3 crore at the time) in Mosaic in late 2021.
Its other existing investors include venture capital firms Elevation Capital, Peak XV Partners and Z47. The three VC firms hold a majority stake in the company, while founders Revant Bhate and Dhyanesh Shah, venture debt firm Alteria Capital, and a few individual investors own the remaining stake.
Mosaic, which aims to "eventually" list in the stock market, plans to invest in multiple new emerging avenues in the health and wellness sector, while continuing its expansion across India.
Chetan Naik, Senior Fund Manager, President and Strategy Head - Technology, 360 ONE Asset, said, "Anchored by a robust repeat-led digital engine and a capital-efficient, profitable model, Mosaic is building a scalable and enduring platform in consumer health."
Founded in 2019, Mosaic Wellness saw rapid growth the following year as the COVID-19 pandemic boosted demand for digital health consultations and wellness products. The company currently operates three digital platforms: Man Matters for men, Bodywise for women, and Little Joys for parents. These digital health clinics offer health and wellness content, medical consultations and products across multiple therapeutic areas.
In 2021, the company had raised $24 million in a Series A funding round led by Peak XV in 2021, which valued Mosaic at around $135 million. In 2023, it raised funding from existing investors in a round that likely valued it at around $240 million, or nearly Rs 2,000 crore at the time.
Last year, VCCircle reported that the company was in talks with several growth-stage investment funds and private equity firms to raise $20-25 million in primary capital. In April, Mosaic raised $20 million from Think Investments, valuing it at about $400 million post-money, according to reports and corporate filings.
Mosaic Wellness' platform serves more than six million consumers annually across men's health, women's health and kids' nutrition.
For the financial year ended March 2025, its consolidated revenue more than doubled to Rs 736 crore, while net loss narrowed to Rs 11 crore from Rs 38 crore in the previous year, according to VCCEdge, the data and research platform of VCCircle. In the current fiscal year, Mosaic claims to have been profitable for the last four quarters.
Published by HT Digital Content Services with permission from VC Circle.