26th November 2019. Mumbai: Mosaic Wellness announced today that it has raised USD 10 million from Matrix Partners India, Sequoia Capital, SAIF Partners as well as a host of prominent angel investors such as Kunal Shah, Jitendra Gupta, Jaydeep Barman, Raj Dugar, Amit Lakhotia, Sahil Barua, and Rohit Kapoor.
Founded by Revant Bhate and Dhyanesh Shah, both of whom possess deep expertise in the consumer brands space, the company is modelled on building a digital-first and customer-first brands in the growing D2C space in India, and is currently in stealth mode with plans to launch operations shortly.
Revant was previously part of the leadership team at Rebel Foods prior to which he looked over consumer investments for Kstart, while Dhyanesh drove investments in the consumer and healthcare sectors at Eight Roads and was previously with McKinsey.
Mosaic Wellness marks Matrix Partners India’s fifth investment in the consumer brands sector, and is a significant addition to the growing portfolio of new-age consumer brands.
Talking about the venture, Co-founder & CEO, Revant said, “We see a large opportunity to create solution-oriented consumer brands in a digital India, where businesses will now be built consumer-first rather than category-first. We are building an enterprise that aims to re-imagine a consumer’s experience, right from product design to discovery to purchase to post-purchase engagement.”
Dhyanesh, Co-founder & COO said, “We are highly indebted by the confidence shown by SAIF, Sequoia, Matrix and our angel investors, and excited to have them as a part of our journey. It is a privilege to be working with investors and mentors who are stalwarts in their domain.”
“Having seen both Revant and Dhyanesh excel in their respective careers over the last decade, I was very excited to see them come together to try and build something unique in the Consumer Brands space” said Mukul Arora, Managing Director, SAIF Partners.
“We have had a ringside view of seeing Revant be a great operator with a keen eye for customer success and build brands of repute at Rebel Foods. This helped us build quick conviction on the idea” said GV Ravishankar, Managing Director, Sequoia Capital. GV & Sequoia Capital were also the seed stage investors into Rebel Foods, where Revant worked for half a decade in various leadership roles and have seen significant value creation with the business.
“At the confluence of our theme of backing the trend of new D2C brands and experienced founders, we are privileged and excited to partner with the pedigreed and experienced team of Revant and Dhyanesh, along with co-investors SAIF Partners and Sequoia Capital, in building a large D2C business in India” commented Avnish Bajaj, Founder and Managing Director, Matrix India.
About the founders:
Revant used to invest in seed stage B2C firms while at Kstart before which he has built brands such as Behrouz Biryani at Rebel Foods. Dhyanesh drove investments in the Consumer and Healthcare sectors at Eight Roads and has spent several years advising enterprises at McKinsey. The founders were colleagues in their first jobs at Oracle 15 years ago, and have remained friends since.
About Matrix Partners India:
Matrix Partners India is an investment firm with approximately $1 billion under management. Founded in 2006, the firm invests in companies targeting the Indian consumer and enterprise market at the seed, early and early growth stages. Matrix India has invested in several market leading companies such as Ola (local transportation), Quikr (online classifieds), Practo (digital health platform), Country Delight (a direct to home, mass premium fresh milk brand), Dailyhunt (mobile local language platform), Treebo (digital hotel chain), Limeroad (social e-commerce platform), Mswipe (mobile POS), Five Star Business Finance (SME lending), OfBusiness (credit led B2B marketplace), Stanza Living (tech enabled student housing platform), Testbook (a personalized one stop solution for all Govt. job competitive exams), FPL Technologies (re-imagining the credit and payments landscape with recently launched OneScore, a credit score/rating app), YeLo (an end-to-end personalised neobanking service), Awaaz (video news and entertainment platform focused on regional and hyperlocal content), LiquiLoans (peer to peer lending platform), Ola Electric (multimodal electric vehicle platform), Vogo (scooter sharing) and Cloudnine Hospitals (leading chain of maternity hospitals), among others. Matrix India has advisory offices in Bangalore, Delhi and Mumbai. Matrix Partners has a global network of funds investing in the US, China and India, with approximately $5 billion under management. Further information is available at www.matrixpartners.in