Mojocare buyers uncover monetary irregularities, unsustainable enterprise mannequin
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Mojocare buyers have discovered “monetary irregularities” on the well being and wellness startup and are transfer to scale down its operations, they mentioned in a press release Sunday.
The transfer follows the Bengaluru-headquartered Mojocare, backed by Peak XV, B Capital and Chiratae Ventures, shedding some 150 workers earlier this week.
In a joint assertion, the buyers mentioned they have been reviewing the financials of Mojocare and their findings to date urged that the enterprise mannequin employed by the startup is “not sustainable on account of a wide range of operational and market elements.”
The buyers didn’t particularly say what prompted them to launch a probe into Mojocare.
“In consequence, Mojocare might be cutting down operations, and the investor group is working with the corporate by its transition,” they mentioned.
The three-year-old startup, which has raised about $23 million altogether, mentioned earlier this week that its enterprise fundamentals had not delivered in current months.
“Dealing with tough market situations, we at Mojocare have needed to make powerful selections to enhance our unit economics,” an organization spokesperson mentioned earlier this week.
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