Bengaluru-based health tech startup Mojocare has raised $20.6 million in a Series A round led by B Capital and existing investors such as Chiratae Ventures, Sequoia India’s Surge and Better Capital also participated in the round.
This would be the first major Series A bet by B Capital’s Ascent Fund: a newly launched fund worth $250 million to primarily back early-stage startups. B Capital’s partner Karan Mohla is one of the key people behind the new fund.
AL Trust, Alteria capital, Disruptors Capital, Rise Capital, QED Innovation Labs and angel investors including Ankit Nagori, Varun Gupta, Sajid Rahman and Vineet Kumar Jain also participated in the Series A round.
It’s worth noting that Mojocare has already received Rs 126.39 crore ($16 million) in the Series A round, according to the company’s regulatory filings with the RoC. B Capital led this round with Rs 54.3 crore while Chiratae Ventures, Surge Ventures and Better Capital participated with Rs 27.16 crore, Rs 12.79 crore and Rs 9.18 crore respectively. Vineet Kumar Jain, who is the Managing Director of Bennett, Coleman & Co, has also invested Rs 10 crore in Mojocare.
Founded by former MPL VP Rajat Gupta and ex-Chiratae investment professional Ashwin Swaminathan, Mojocare provides personalized wellness products and services including consultations and treatments for daily nutrition, fitness, hair, skin, sleep and sexual health.
As per Fintrackr’s estimates, Mojocare has been valued in the range of $70-75 million (post money). Following this investment, B Capital has acquired 10.1% of the total capital while Surge Ventures, Chiratae Ventures and Better Capital are the other top three stakeholders from the investors’ side. The company’s co-founders Gupta and Swaminathan will hold close to a 50% stake in the company after the allotment of the Series A round.
Chiratae and Surge had invested in the company during the company’s seed round in November 2020. It has raised nearly $24 million to date. Mojocare said it will use the fresh funds to expand its product, content and scale across omnichannel.
