Bengaluru: Amaha, a mental health startup, on Wednesday said it has secured ₹ 50 crore in an extended Series A funding round, led by Fireside Ventures, with additional participation from other angel investors contributing ₹15.6 crore.
Amaha, formerly InnerHour, plans to use this funding to broaden and enhance its mental health services. Operating out of Mumbai, the company offers a variety of treatments and care plans for mental health conditions like anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions, serving over 600 cities in India.
Fireside Ventures, which primarily invests in consumer-focused startups, has a portfolio that includes companies in the food and beverage, personal care, kids & education, lifestyle, and home products sectors. Last year, its investments extended to other wellness startups such as The Good Bug and Inito, among others.
The increased visibility of mental health and wellness startups in recent years is partly attributed to heightened awareness and advocacy by celebrities, from cricketers to actors, along with various organizations and social media platforms.
Founded in 2016, Amaha operates in-person centres in Mumbai, Bengaluru, and Delhi NCR, in addition to providing digital services through an app that offers self-care tools and resources.
“We’re looking to go beyond digital at this stage because I think there is a lot of unmet need within the industry,” Amit Malik, founder, and chief executive officer of Amaha told Mint in an interview.
Despite widening losses in 2023, Amaha has been actively investing in infrastructure, including physical clinics and technological enhancements, with an optimistic outlook on profitability. “We expect to become profitable in the next 15-18 months,” Malik added.
In 2021, Amaha raised $5.2 million from venture capital firm Lightbox Ventures. Other angel investors who participated included Capricorn Ventures & Micasa Investments (Singapore), Pankaj Sahni, CEO Medanta–The Medicity Hospitals and Hitesh Oberoi, CEO & MD, Info Edge India Pvt. Ltd.
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Published: 10 Jan 2024, 03:05 PM IST