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

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.

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Kunal Manchanada
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mosaic wellness

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. Significantly, 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, its consolidated annual financial statements sourced from the Registrar of Companies show.

Mosaic wellness

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 company has not disclosed the revenue from its three brands separately but 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 which brought its total revenue to Rs 342 crore in FY24.

Mosaic Wellness's advertising cost ramped up to Rs 138 crore in FY24, making a 38% year-on-year increase. To the tune of scale, its cost procurement grew 52% to Rs 93 crore while the employee benefits rose by 33% to Rs 52 crore in the previous fiscal year (FY24).

The commission paid to agents, secondary packaging, freight, legal, and other overheads took the overall expense up by 38% to Rs 380 crore in FY24. See TheKredible for the complete expense breakup.

With over 60% scale in revenue, the digital health and wellness consultation startup managed to control 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, and its expense-to-earning ratio improved to Rs 1.14.  By the end of FY24, Mosaic Wellness reported total current assets of Rs 188 crore, including Rs 61 crore in cash and bank balances.

Mosaic

Mosaic Wellness has raised over $35 million to date including its $24 million in 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. According to the startup data intelligence platform TheKredible, Elevation Capital is the largest external stakeholder followed by Peak XV and Matrix.

In a market that has received a fresh burst of life from HUL’s acquisition of Minimalist, the focus has shifted squarely to firms that have achieved some scale (with a probable cutoff of at least Rs 300 crore plus) and profitability. Mosaic Wellness should be happy to have crossed the first threshold, and the interest on deposits indicates enough runway to keep going while it negotiates for one more round of funding. The Minimalist deal also set a basic benchmark of 5-6X of sales for valuations, and even that is something that may not thrill all players. Investors will probably hope to see the firm double from here in two years and turn profitable to make it an attractive option in a market where firms that can pay that value are also too few and far between. The profits will certainly help wait longer, or seek its own path if required via the IPO route.

Mosaic Wellness
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