“Facing difficult market conditions, we at Mojocare have had to make tough decisions to improve our unit economics. Despite our best efforts, our business fundamentals have not worked out over the past few months,” a company spokesperson said in a statement.
The spokesperson added that the startup will revert to operating as a small yet robust team to figure out what is the best way forward for profitability and sustainability.
The company declined to reply to ET’s query on the size of the remaining team. The development was first covered by online news website Entrackr.
The company runs a D2C business to help consumers address issues like reproductive health and fertility, hair care, and weight loss through its online platform, which offers products, consultations with doctors, and customised treatment plans.
The Bengaluru-based startup had raised about $20 million in a series A round led by B Capital Group, a venture firm set up by Facebook co-founder Eduardo Saverin in August 2022.
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Existing investors Chiratae Ventures, Sequoia India’s Surge and Better Capital had also participated in the round. Prior to that, it had raised a little over $3 million.“Despite the space seemingly being crowded, most of the players offer a transactional experience, selling generic products on third-party marketplaces where they have no ownership over the user’s wellness journey. We are taking a very distribution-first approach to unlock this latent market through credible clinical content, access to experts, and a digital engagement-led user journey,” Mojocare founder and CEO Ashwin Swaminathan had said in a statement back then.
Other well-funded players in the B2C healthtech space that have laid off staffers en masse since the funding winter of 2022 include HealthifyMe, Practo, Pristyn Care, Mfine, Breathe Well Being, and MediBuddy.