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Mosaic Wellness raises $20 Mn at $400 Mn valuation

EntrackrEntrackr · 7m ago
Mosaic Wellness raises $20 Mn at $400 Mn valuation
Medial

Exclusive: Mosaic Wellness raises $20 Mn at $400 Mn valuation Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, has raised Rs 175 crore (approximately $20 million) from Think Investment in a new round. The board at Mosaic Wellness has passed a special resolution to issue 16,279 compulsory convertible preference shares at an issue price of Rs 1,07,500 each to raise Rs 175 crore or $20 million, its regulatory filing accessed from the Registrar of Companies (RoC) shows. The filings further noted that the company plans to utilize the fresh capital for growth, expansion, and general corporate purposes. According to Entrackr estimates, the company has been valued at around $400 million post-allotment. Following the fresh proceeds, Think Investment will hold 5.04% of the company. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Mosaic Wellness has raised over $65 million to date, including its $24 million Series A led by Peak XV along with existing investors Elevation Capital and Matrix Partners India in 2021. As per the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder, followed by Peak XV and Matrix Partners. The company has recorded a 61.7% year-on-year growth to Rs 333 crore during the fiscal year ended March 2024, compared to Rs 206 crore in FY23. Moreover, the firm managed to control its losses by 37.1% to Rs 39 crore in the same period.

Man Matters-parent Mosaic Wellness clocks Rs 333 Cr revenue in FY24

EntrackrEntrackr · 10m ago
Man Matters-parent Mosaic Wellness clocks Rs 333 Cr revenue in FY24
Medial

Mosaic Wellness, the parent firm of Man Matters, Boywise, and Little Joys, recorded over 61% year-on-year growth in its operating scale and crossed the Rs 300 crore revenue threshold in the last fiscal year. The firm also narrowed losses by 37% in FY24. Mosaic Wellness’ revenue from operations surged to Rs 333 crore in FY24 from Rs 206 crore in FY23, according to its consolidated annual financial statements sourced from the Registrar of Companies. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. The sale of health and wellness products was the only source of income for Mosaic Wellness in FY24. It also added Rs 8 crore from the interest on deposits and gain on sale on investments, bringing its total revenue to Rs 342 crore in FY24. Mosaic Wellness's advertising cost increased to Rs 138 crore in FY24, marking a 38% year-on-year increase. Its procurement costs grew 52% to Rs 93 crore, while employee benefits rose by 33% to Rs 52 crore. Other expenses, including commissions, packaging, legal, and overheads, increased, bringing total expenses to Rs 380 crore in FY24. Despite expenses, Mosaic Wellness managed to reduce its losses by 37% to Rs 39 crore in FY24, compared to Rs 62 crore in FY23. Its ROCE and EBITDA margin improved to -24.2% and -10.8%, respectively. The company reported total current assets of Rs 188 crore, including Rs 61 crore in cash and bank balances by the end of FY24. Mosaic Wellness has raised over $35 million to date, including $24 million in a Series A round led by Peak XV, along with existing investors Elevation Capital and Matrix Partners India. The company is reportedly in talks to raise a new round. In a market revitalized by HUL’s acquisition of Minimalist, attention has turned to firms like Mosaic Wellness that have scaled past Rs 300 crore in revenue. The company should feel confident having crossed this threshold and having the runway to explore further funding or other strategic avenues.

Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23

EntrackrEntrackr · 1y ago
Man Matters-parent Mosaic Wellness crosses Rs 200 Cr revenue in FY23
Medial

Digital health and wellness consultation startup Mosaic Wellness grew at a rapid clip during the last two fiscal years, raising its scale over 18X from Rs 11.47 crore in FY21 to surpass the Rs 200 crore revenue mark in FY23. At the same time, the firm posted Rs 62 crore in losses in FY23. Mosaic Wellness’s revenue from operations surged 163% to Rs 207 crore in FY23 from Rs 78 crore in FY22, its annual financial statements filed with the Registrar of Companies show. Founded in 2020 by Revant Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health platform that runs three separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. Income from the sale of health and wellness products is the primary source of revenue for Mosaic Wellness. The company also made Rs 8 crore from interest, tallying its total revenue to Rs 215 crore in FY23. Mosaic Wellness spent a whopping Rs 100 crore on advertising and promotions which is 36% of its overall expenditure. Its cost of procurement of health and wellness products surged 2.6X to Rs 60 crore in FY23. Its employee benefits, freight, commissions, legal/ professional, and other overheads took the overall cost up by 2.2X to Rs 277 crore in FY23 from Rs 126 crore in FY22. Head to TheKredible for the detailed expense breakup. Expense Breakdown Total ₹ 126 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Total ₹ 277 Cr https://thekredible.com/company/mosaic-wellness/financials View Full Data To access complete data, visithttps://thekredible.com/company/mosaic-wellness/financials Employee benefit expense Employee benefit expense Cost of materials consumed Cost of materials consumed Advertising promotional expenses Advertising promotional expenses Transportation Cost Transportation Cost Commission expense Commission expense Legal professional charges Legal professional charges Others To check complete Expense Breakdown visit thekredible.com View full data With a two-fold surge in advertising and employee benefits, losses for the Mumbai-based firm increased 49.4% to Rs 62 crore in FY23 from Rs 42 crore in FY22. Its ROCE and EBITDA margin stood at -38% and -21% respectively. On a unit level, it spent Rs 1.34 to earn a rupee in FY23. Mosaic Wellness has raised over $34 million across rounds including its $24 million Series A led by Peak XV along with the participation of Elevation Capital and Matrix Partners in November 2021. According to the startup data intelligence platform TheKredible, the company was valued at $240 million in its last fundraise. Elevation emerged as the latest external shareholder with a 24.1% stake followed by PeakXV and Matrix Partners with 17.9% and 16.3%, respectively. FY22-FY23 FY22 FY23 EBITDA Margin -46% -21% Expense/₹ of Op Revenue ₹1.61 ₹1.34 ROCE -23% -38% The emergence of startups like Mosaic Wellness can usually be considered a net positive as they take away share from shady operators offering unqualified advice for health related issues. However, with their own dependence on pushing wellness products, many with potentially dubious claims when it comes to benefits, the firm does run the risk of slipping up on credibility at some stage. The high dependence on advertising and promotions is a clear indicator of the efforts required to wean away clientele from smaller mostly unlicensed players. By now, the firm should be in a position to assume leadership, or clear focus on a specific area where it can, and has made a discernible difference to its customers, and build on that for the future.

Mosaic Wellness revenue doubles to Rs 736 Cr in FY25, nears break-even

EntrackrEntrackr · 12d ago
Mosaic Wellness revenue doubles to Rs 736 Cr in FY25, nears break-even
Medial

Mosaic Wellness revenue doubles to Rs 736 Cr in FY25, nears break-even Mosaic Wellness, the parent company of digital-first health and wellness brands Man Matters and Bodywise, continued its growth trajectory in FY25, more than doubling its scale while significantly narrowing its losses in the fiscal year ending March 2025. The company’s operating revenue spiked 2.2X to Rs 736 crore in FY25 from Rs 333 crore in FY24, according to its consolidated financial statements sourced from the Registrar of Companies (RoC). Mosaic Wellness is a digital-first consumer health platform that runs separate brands for men, women, and kids. Its flagship brand ManMatters offers solutions across derma, sexual health, hygiene, and nutrition. The company has not disclosed the revenue from its brands separately but the sale of health and wellness products was the only source of income for Mosaic Wellness in FY25. It also added Rs 13 crore from the interest on deposits and gain on sale on investments which brought its total revenue to Rs 749 crore in the last fiscal year. The company’s advertising expense remained its largest cost centre, accounting for 35% of the total spend. This cost nearly doubled to Rs 267 crore in FY25 from Rs 138 crore. The cost of materials also grew sharply to Rs 193 crore, forming over 25% of the expenditure. Meanwhile, the company’s employee benefit expense remained stable at Rs 63 crore in FY25. Overall, Mosaic Wellness’ total expense doubled to Rs 758 crore in FY25 from Rs 380 crore in FY24. With the company’s revenue outpacing expense growth, the company managed to bring down its net loss by 69%, narrowing it to Rs 12 crore in FY25 from Rs 39 crore in FY24. Its ROCE and EBITDA margin stood at -6.55% and -2.79%, respectively. Mosaic Wellness spent Rs 1.03 to earn a rupee of operating revenue in FY25, an improvement from Rs 1.14 in the previous year. The firm closed the fiscal with Rs 49 crore in cash and bank balances, while its current assets nearly doubled to Rs 325 crore. According to TheKredible, the company has raised a total of $63 million of funding till date, having Elevation Capital, Peak XV Partners and Matrix Partners as its lead investors. The company’s co-founders Revant Bhate and Dhyanesh Shah own around 35% of the company.

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