Heath and Wellness startup Mosaic Wellness scaled over 6X during FY22 and posted Rs 78 crore revenue in just two full reported fiscal years. However, the losses swelled 4.7X in the same period.
Founded in 2020 by Bhate and Dhyanesh Shah, Mosaic Wellness is a digital-first consumer health clinic, which runs two separate brands: Manmatters for men’s health and Bodywise for women’s health. The sale of health and wellness products was the sole source of revenue, which grew 6.8X to Rs 78.3 crore in FY22 from R 11.48 crore in FY21.
The company also has an another income of Rs 6 crore mainly from interest on fixed deposits during FY22.
Being a growth-stage firm, Mosaic Wellness spent 41.6% of the total expenditure on advertising and business promotion. This cost surged 9.4X to Rs 52.47 crore in FY22.
To the tune of scale, the cost of materials consumed grew 6.8X to Rs 22.6 crore in FY22 while employee benefit and freight/packaging fattened 2.4X and 6.3X to Rs 17.8 crore and Rs 13.25 crore respectively pushing Mosaic’s total expenditure to Rs 125.9 crore in FY22.
With a 5X growth in the total cost, the losses of the firm jumped 4.7X to Rs 41.6 crore in FY22 from Rs 8.85 crore in FY21. Its ROCE and EBITDA margin was registered at -22.91% and -48.99% during FY22. On a unit level, Mosaic Wellness spent Rs 1.61 to earn a rupee of operating revenue.
The company last raised $24 million in its series A led by Sequoia Capital India along with existing investors Elevation Capital and Matrix Partners India.
Mosaic Wellness has secured around $35 million to date, including its seed round in December 2019.