Mojocare investors uncover financial irregularities, unsustainable business model

Mojocare investors have found “financial irregularities” at the health and wellness startup and are move to scale down its operations, they said in a statement Sunday.
The move follows the Bengaluru-headquartered Mojocare, backed by Peak XV, B Capital and Chiratae Ventures, laying off some 150 employees earlier this week.
In a joint statement, the investors said they were reviewing the financials of Mojocare and their findings thus far suggested that the business model employed by the startup is “not sustainable due to a variety of operational and market factors.”
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