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, 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. 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. 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 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, Elevation Capital is the largest external stakeholder followed by Peak XV and Matrix.