Sequoia India, Chiratae Ventures and Better Capital are considering participating in the round, which could be announced as soon as Tuesday, the people said.
The Bangalore-based company plans to use the proceeds to further expand and diversify its product portfolio, the people said, asking not to be identified because the matter is private.
Mojocare helps consumers address issues including reproductive health and fertility, hair care and weight loss through an online platform that includes product sales, consultations with doctors and customized treatment plans, according to its website.
Spokespeople for Mojocare and Sequoia India declined to comment, while representatives for B Capital, Chiratae and Better didn’t immediately respond to queries.