Mental Healthtech Startup AMAHA Bags INR 50 Cr Funding Led By Fireside Ventures

Amaha, formerly known as InnerHour, operates out of Mumbai and has branches in Bengaluru and Delhi NCR. The startup said it plans to use the funding to extend and enhance its mental health services.

Amaha, a mental health tech startup, has bagged INR 50 Cr in an extended series A funding round. The latest funding round was led by Fireside Ventures with the investment to the tune of INR 36 Cr. Other angel investors and family offices who participated in the funding invested INR 15.5 Cr in the startup.

Bengaluru-based Fireside Ventures’ portfolio majorly boasts of investment in D2C brands including Mamaearth, The Good Bug, Yoga bar, etc.

Amaha, formerly known as InnerHour, operates out of Mumbai and has branches in Bengaluru and Delhi NCR. The startup said it plans to use the funding to extend and enhance its mental health services.

Founded in 2016, by Dr Amit Malik and Neha Kirpal, Amaha provides self-care tools, access to qualified therapists, expert psychiatrists as well as community for mental health needs. The startup has 110+ inhouse therapists and psychiatrists. Apart from the physical locations, Amaha also has a digital app with over 600+ self-care resources.

It caters to various mental health conditions including anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions via its personalised treatment and care plans.

Besides its B2C offering, Amaha also offers B2B tie-ups. Currently, it has partnered with companies such as Godrej, Cipla and Grant Thornton to provide mental-health services to their employees, Dr Amit Malik, founder & CEO, Amaha told ET. The B2B offering generates 20% of its overall revenues, he added.

Malik further stressed that the startup will focus on achieving EBIDTA level profitability in the next 15-20 months.

Earlier, the startup had raised $10 million in overall funding. Back in 2021, Amaha had raised $5.24 million in Series A funding led by venture capital firm Lightbox Ventures.

Other investors who participated included Capricorn Ventures & Micasa Investments (Singapore), Pankaj Sahni, CEO Medanta–The Medicity Hospitals and Hitesh Oberoi, CEO & MD, Info Edge India.

Mental Health Startups who Recently Raised Funding

Post Covid-19 pandemic, mental healthcare and wellness has taken a centre stage. Prominent figures in the society have come forward to start a dialogue around mental health. The industry too has seen a rise in the number of such startups who provide access to therapists, psychiatrists, communities and helplines.

In December last year, Mental health startup Evolve secured funding of INR 2.5 Cr, led by Indian Angel Network (IAN) with participation from Rajesh Ranavat (Exec Director – Fung Strategic Holdings) and other strategic angels. The startup founded in 2020 claims to have a user base of over 600,000 globally. It focuses on inclusivity, particularly within the LGBTQIA+ community.

Wysa, an AI-powered mental health startup in May last year raised $257K in Series B funding round. Backed by leading investors such as Google, pi Ventures, Kae Capital, Wysa claims to have catered to more than 5 million users across 95 countries.

Gurugram-based mental health startup Lissun too bagged $1.3 million in a seed funding round last September led by Inflection Point Ventures (IPV) & Rainmatter Capital. Lissun, through its digital app offers expert guidance, therapies, and comprehensive solutions for emotional and mental well-being.