As the diffraction limit is approached, device miniaturization to integrate more functionality per area becomes more and more challenging. Here we propose a strategy to increase the functionality-per-area by exploiting the modal properties of a waveguide system. With such an approach the design of a mode-multiplexed nanophotonic modulator relying on the mode-selective absorption of a patterned indium-tin-oxide (ITO) is proposed. Full-wave simulations of a device operating at the telecom wavelength of 1550 nm show that two modes can be independently modulated, while maintaining performances in line with conventional single-mode ITO modulators reported in the recent literature. The proposed design principles can pave the way to a class of mode-multiplexed compact photonic devices able to effectively multiply the functionality-per-area in integrated photonic systems.