The parent company of Man Matters, Boywise, and Little Joys, Mosaic Wellness, has raised a fresh round of funding from Think Investment totaling Rs. 175 crore, or roughly $20 million.
According to its regulatory filing obtained from the Registrar of Companies (RoC), the board of Mosaic Wellness has passed a special resolution to issue 16,279 mandatory convertible preference shares at an issue price of Rs. 1, 07,500 each in order to raise Rs. 175 crore, or $20 million.
The company intends to use the additional funds for general business activities, growth, and expansion, according to the documents.
Entrackr estimates that the company's post-allotment valuation is approximately $400 million. With the new revenue, Think Investment will own 5.04% of the business.
Mosaic Wellness is a digital-first consumer health business that was founded in 2020 by Revant Bhate and Dhyanesh Shah. It operates three distinct brands for men, women, and children. Its main brand, ManMatters, provides products for nutrition, cleanliness, derma, and sexual health.
Together with its $24 million Series A lead by Peak XV and current partners Elevation Capital and Matrix Partners India in 2021, Mosaic Wellness has raised approximately $65 million to date. Elevation Capital is the biggest external stakeholder, followed by Peak XV and Matrix Partners, according to the startup data analytics portal TheKredible.
In the fiscal year that ended in March 2024, the company's revenue increased by 61.7% year over year to Rs. 333 crore, up from Rs. 206 crore in FY23. Additionally, the company was able to reduce its losses by 37.1% to Rs. 39 million.
