Mojocare

About Mojocare

Mojocare, legally known as Alpha Digital Health Private Limited, was established in 2020 in Bengaluru, India, by co-founders Rajat Gupta and Ashwin Swaminathan. Gupta, an alumnus of IIIT Hyderabad, brought marketing experience from his time at companies like Mobile Premier League and Times Internet, while Swaminathan, an IIT (BHU) graduate, had a background as an investor with Chiratae Ventures. The company positioned itself as a digital-first wellness platform, aiming to provide comprehensive solutions for lifestyle-related conditions.

The business model focused on offering a full-stack service for stigmatized or underserved health areas, including sexual wellness, hair care, weight management, and mental wellness. Mojocare operated as a direct-to-consumer (D2C) brand, providing online consultations with doctors who would prescribe customized treatment plans. The platform then facilitated the discreet delivery of prescribed medications, supplements, and other personal care products, such as topical sprays and capsules, to the user's home. Revenue was generated from the sale of these products and care packages.

Mojocare successfully attracted significant investor interest, raising a total of approximately $24 million. Its first seed round occurred in September/October 2020. A major Series A funding round in July and August 2022, led by B Capital, raised $20.6 million, with participation from existing investors like Chiratae Ventures and Sequoia India's Surge. This round valued the company at an estimated $70-75 million.

However, in June 2023, the company faced a severe crisis when major investors announced the discovery of financial irregularities and an unsustainable business model. This led to a forensic audit and a drastic scaling down of operations, which included laying off over 80% of its workforce, impacting around 150-200 employees. Reports emerged that the founders had confessed to inflating revenue and sales figures. Subsequently, in October 2023, the company's board decided to cease operations and return the remaining capital to its investors.