The healthcare sector witnessed many adjustments as a result of COVID-19 outbreak. As customers and suppliers sought methods to soundly entry and ship healthcare, there was large acceleration in using tele-health or digital well being session.
To ship consumer-centric and reasonably priced tele-health consultations, investor-turned-entrepreneur Revant Bhate and Dhyanesh Shah launched digital healthcare and wellness startup in 2020.
“We realised that one thing ought to be performed within the healthcare area within the nation. We noticed a major development towards consumerisation of healthcare, with elective healthcare changing into extra of a client proposition than a category-level proposition,” says Revant.
The Mumbai-based startup runs two digital well being platforms – Man Issues and Be Bodywise.
The previous, launched in Could 2020, is supposed for males and caters to points associated to hair loss, sexual well being, pores and skin, weight, and hygiene. “The core goal is to assist males who should not in a position to communicate out and are unable to open up about their issues,” Revant says.
Be Bodywise is a platform for girls and was launched in Could 2021. It caters to points associated to hair loss, ageing, PCOS, intimate care, and pimples, amongst others.
Mosaic Wellness raised $10 million in seed funding in December 2019 pre-launch from Sequoia Capital India, Elevation Capital, and Matrix Companions India, alongside marquee angels equivalent to Kunal Shah, Jitendra Gupta, and Jaydeep Barman to kickstart the platform.
How does it work?
The digital clinic is a full-stack well being and wellness platform. It contains communities, well being specialists, instructional healthcare content material, and a various portfolio of merchandise, for each women and men.
Revant says, “Customers can entry the platform for instructional content material and data round collective well being, and join with medical specialists, well being coaches, and dieticians. They will also be part of communities the place they will work together with others about elective and preventive well being and investments.”
Customers can guide an appointment with docs by choosing their well being considerations, answering a number of questions, and choosing a time slot in keeping with their comfort. The platform informs the person in regards to the physician’s availability inside 30 seconds.
Publish session with the physician, customers get their customised therapy plan on WhatsApp. They’ll straight purchase concern-based merchandise or dietary dietary supplements on the startup’s platform or from Amazon. The dietary supplements are priced from Rs 200 onwards.
The startup claims to supply elements from areas the place they’re recognized to be extremely efficacious, and the merchandise are formulated by in-house docs. It additionally claims to serve throughout 18 to twenty thousand pin codes when it comes to services.
The staff
Previous to launching his personal startup, Revant labored within the funding banking sector. Publish that, he joined Insurgent Meals (earlier Fassos) as an entrepreneur-in-residence.
Staff Mosaic Wellness
Publish his stint with Insurgent Meals, Revant received the chance to work within the VC ecosystem. In 2018 and 2019, he led Okay-Begin, the seed fund arm for Kalaari Capital.
“The Bengaluru ecosystem actually opened my eyes to completely different sorts of downside statements that exist within the client area,” he provides.
Revant met Dhyanesh in Oracle Monetary Companies in 2005. In 2006, the latter give up his job to pursue MBA from IIM-Ahmedabad. This motivated Revant to do the identical who pursued MBA in 2007 from IIM-Kozhikode.
Later, Dhyanesh joined McKinsey & Firm as an engagement supervisor. He was additionally related to Eight Roads (VC arm of Constancy Progress Companions) for six years.
Enterprise mannequin
Mosaic Wellness affords free audio and video consultations with docs. Nevertheless, for professional consultations and diagnostics, the platform costs variable charges. Moreover, for the personalized therapy plan on WhatsApp, customers must pay a sure payment based mostly on the well being concern and the physician.
“We realised that to make the science behind wellness extra accessible to all, we have to have specialists to information us on this journey. We joined fingers with a bunch of medical specialists and docs who have been obsessed with altering well being habits and cared deeply about their craft,” he says.
Customised physician session costs begin from Rs 500, and Mosaic Wellness pays the docs a set wage and retains the remaining as service costs. The startup additionally affords free session with a common practitioner.
Mosaic Wellness additionally affords a month-to-month and yearly subscription mannequin. The founders declare that with subscription, customers can avail a 40 % low cost on the merchandise and dietary supplements.
At current, the platform has over 150 in-house docs and nutritionists, they usually document round one lakh tele-health consultations each month.
“The elective healthcare system in India could be very costly, and that is likely one of the important causes folks shrink back from these providers. When you simply speak for 5 minutes to a medical professional, you may scale back your stress and anxiousness. Our job is to scale back the dimensions of this anxiousness bubble,” Revant says.
The startup goals to focus on a digitally native viewers – folks aged between18 to 36 years, for each Man Issues and Be Bodywise.
“We wish to be the well being coach for each women and men and assist them develop wholesome habits,” Revant provides.
Man Issues has an Android utility and is quickly planning to launch its platform on the Apple App Retailer.
The founders didn’t reveal any such plans for the Be Bodywise platform.
The market and USP
Attributable to digitalisation, the healthcare section is ready to deal with the hole of accessibility to specialist docs whereas decreasing the burden on tertiary-care hospitals, significantly in rural areas and decrease tier cities in India.
In response to ResearchAndMarkets, the digital healthcare market in India was valued at Rs 252.92 billion in 2021 and is anticipated to achieve Rs 882.79 billion by 2027, rising at a CAGR of 21.36 % between 2022 and 2027.
Many gamers like , , , DocTree, Docprime Applied sciences, , and CallHealth are already working within the digital healthcare area to make well being and wellness accessible to finish customers.
Talking about how the startup stands out from the competitors, Revant says, “We’re constructing platforms that simplify private well being with the assistance of cutting-edge know-how and customer-first merchandise.”
He provides that for Mosaic Wellness, engagement and behavior constructing will at all times stay the primary problem to resolve. “We began with a imaginative and prescient to make wellness accessible and reasonably priced for Indians and have been in a position to construct a really purpose-driven staff, eager to resolve this,” he provides.
“Diagnostics can be a problem as a result of the gathering of samples just isn’t straightforward past the highest 50 cities. However diagnostics continues to be a nascent vertical for us and we plan to make it extra accessible throughout the nation quickly,” he says.
Mosaic Wellness claims to be having over a million month-to-month customers at current.
The startup claims to have served over 1.2 million customers by means of consultations within the first two years, with a month-to-month repeat fee of 60 %.
To date, Man Issues has served about a million males throughout key therapeutic areas equivalent to dermatology, hygiene, sexual well being, and diet, and Be Bodywise has served about three lakh girls.
The startup has clocked over $20 million annualised income in FY 2021-22 throughout each the platforms.
Funding and plans forward
In November 2021, the healthtech startup raised $24 million in Sequence A spherical of funding. The funding spherical was led by Sequoia Capital India with participation from present buyers Matrix Companions India and Elevation Capital.
In response to Revant, the startup just isn’t planning to boost funds for the following 18 months.
Nevertheless, for the following one and a half yr, Mosaic Wellness is planning to broaden the person base of Man Issues from a million to 5 million, and Be Bodywise from 300k to 4 million, respectively.
The startup additionally plans to broaden its app person base to 80 %, up from 25 % at current, over the following 18 months.
