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Moksha Case Study
·
May 26, 2022
Moksha took life from the personal struggles faced by Founders Jaymin Shah and Yash Ghanekar. Having previously worked in...
Problem
Building a habit out of meditating is hard
The global wellness market is growing rapidly with over $4.2 trillion spent yearly, and it is expected to grow at 10% YoY through 2025.
Despite mental health issues being on the rise, as much as 95% of users stop using meditation apps within days of downloading them. These popular solutions to mental health and anxiety — including apps, therapy, and medication — require discipline, time, and effort.
Solution
A breathing tool to practice proper breathwork — anytime, anywhere
Breathing is the only habit you do from your first day until your last, but most people don’t consciously focus on breathwork despite the deep connection between your breath and physical and emotional wellbeing.
Moksha provides an ecosystem of anxiety solutions, including breathing exercises, personalized recommendations tailored to individual needs, and wellness checks. Together, Moksha creates a low-friction solution to meditating frequently no matter where you are and how much time you have.
“There’s no single more powerful or simple daily - Andrew Weil, M.D. and Breathwork Advocate |
Product
Moksha 1.0
Not just another meditation app.
Moksha 1.0: Meditate on the go. Intentionally designed for slow and diaphragmatic breathwork, Moksha activates your parasympathetic nervous system to calm you down.
Through haptic feedback and a pressure sensor, Moksha guides users through breathing exercises and proper breathwork technique. The pocket-sized design makes it extremely discreet to use in all environments, while the charging case provides week-long battery and portability.
The App: The Moksha app provides data-driven insights based on actual usage of Moksha 1.0 unlike any other meditation app. It features over 1000 guided meditations, and the algorithm rewards users based on the number of proper exhales and mindfulness breaths completed.
Traction
Already profitable and rapidly growing
19,000 units sold, 2400+ mobile app users, $700k GMV
Our mechanical version of the breathing tool has achieved significant traction via a multi-platform sales channel, wholesale contracts and marketing partners. Since launch in 2021, Moksha has sold over 19k units generating $700k of sales, and the corresponding beta app has 2400+ users.
Venture Capital
- Provide channel partner intros, financing, and capital incentives
- Marketing Partner
- Allocated 100k–$150k marketing budget for creative and ads for Moksha
- Affiliate network partners (Buzzfeed, Facebook, Pinterest Etc.)
- 20k unit consignment PO signed and units delivered
- Wholesale Partner
- Under contract for 1 year starting December 2021 with 1 year renewal terms (confidentiality agreement signed)
Customers
500+ customer testimonials with life-changing results
Thousands of customers have bought and been impacted by Moksha’s existing product line, and everyday they share their experiences.
Since launch in 2021, Moksha has run ads to their mechanical version of the breathing tool — providing insight into their ideal customer profile. Moksha is for young professionals, students, parents, the overworked, those with busy schedules, and anyone who has tried meditating but found it difficult to continue.
Business model
Product sales, app subscriptions, & affiliates
Moksha developed a three-step monetization strategy to best capture the lifetime value of a customer.
1) Product Sales - Moksha 1.0 will sell at $99.99 MSRP
2) Subscriptions - The mobile app is offered at $7.99 monthly or $2.99/mo if purchased upfront for the full year
3) Affiliates - The more you breathe, the more you save. Moksha has partnered with 50+ brands in anticipation of the Moksha 1.0 launch. As users complete their meditation goals, they unlock coupons to their favorite stores. Gamification increases app engagement by 48%, and each additional sale from these will generate anywhere from 10-20% commission.
Market
A billion dollar
opportunity
264 million individuals worldwide have an anxiety disorder, and 19% of people living in the US are living with a mental health condition. This has led to a rapidly growing surge in mental health products to cope with stress and anxiety.
The integration of technology into meditation is driving a massive increase in the overall market. Mindfulness devices and apps allow meditation to be more human-centric and are increasing the market adoption at an alarming rate. Moksha 1.0 lies at the intersection of tangible products and meditation apps, making it well-positioned for rapid growth and trajectory.
Competition
Moksha combines hardware and software for a robust meditation solution
Moksha is at the perfect intersection between hardware and software at an affordable price to capture users at scale. Software alone is difficult to consistently use while standalone hardware can't provide sufficient data-driven value, and that is where Moksha comes in.
Moksha differentiates itself from competitors by being optimized to build sustainable meditation habits. Having a tangible product builds an association during each use and lays a sustainable foundation for creating lifelong habits.
Vision and strategy
Moksha aims to be a core pillar of everyday life
We take 670 million breaths in our lifetimes, but most of us pay no conscious attention to how we are breathing. Moksha aims to allow people for the first time to build a lifelong habit of harnessing the power of their breath.
It’s no secret that mental wellness has become a priority for millions of people worldwide, and individuals are looking for a comprehensive solution to practice and develop a habit of mindfulness.
Standalone meditation apps are seeing a decline in usage as individuals look for more accessible and better equipped solutions. Moksha strives to fill that gap and play an everyday role in as many lives as possible.
Launch timeline to take us to $2.5M in 2023*
Funding
Bootstrapped and capital-efficient, Moksha is now looking for growth capital
to prepare for the March 2023 launch.
Moksha has shown a high level of capital efficiency thus far, having almost entirely bootstrapped the company to its current stage. All Moksha 1.0 expenses including website development, product development, and app connectivity have been fully funded through revenue.
Now Moksha is seeking to raise capital for strategic marketing and growth as as it looks forward to launching its tech device in March 2023.
Founders
Childhood friends collectively launching one mission
Yash Ghanekar, CEO
- Former Mechanical Engineer
- 3D Product Design & IT Project Management
- Python / CSS / HTML / JS / Graphic Design
- Launched Data Science software, created ML algorithm
- 3+ years e-commerce + Paid Ads StartCamp '19, Clearco '20, Clearco 21'
Jaymin Shah, COO
- Former Goldman Sachs, Finance & Economics
- 3+ years Manufacturing Relations Supply Chain, Customer Relations, Business Operations
- 3+ years e-commerce + Paid Ads Clearco '20, Clearco 21'
The Moksha story
Yash Ghanekar and Jaymin Shah grew up together, from elementary school through college, and then took vastly different paths but shared similar experiences that led to Moksha.
Yash founded a software startup in 2018, but his co-founder passed away in 2019 which led to a decline in his mental health. Jaymin, on the other hand, joined a high-stress job at Goldman Sachs only to see that mental health was not prioritized in the corporate world and to face his own struggles.
In parallel, Yash and Jaymin both turned their eyes to popular meditation apps, but they immediately realized creating a habit out of mindfulness from just an app was an impossible feat.
Wanting to create an accessible solution for everyday people, they went down a rabbit hole of reading historical scriptures and modern-day scientific studies, interviewing experts in the field, and dedicating themselves to learning the ins and outs of breathwork.
They formed a team of R&D experts, data scientists, mechanical engineers, and designers to try to create a smart device packed with technology in a sleek and convenient design. Eventually after countless iterations and thousands of hours of testing, Moksha 1.0 was born.
