Bengaluru: Amaha, a mental healthcare company, on Wednesday said it has secured ₹ 50 crore in a Series A funding round, led by Fireside Ventures, with additional participation from other angel investors contributing ₹15.6 crores.
Amaha, formerly InnerHour, plans to use this funding to expand and improve its mental health services. Operating out of Mumbai, the company offers various treatments and care plans for mental health conditions such as anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia and addictions, serving more than 600 cities in India.
Fireside Ventures, which primarily invests in consumer startups, has a portfolio that includes companies in the food and beverage, personal care, children and 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 increased awareness and advocacy by celebrities, from cricketers to actors, along with various organizations and social media.
Founded in 2016, Amaha operates personal centers in Mumbai, Bengaluru and Delhi NCR, in addition to providing digital services through an app that offers self-care tools and resources.
“We are looking to go beyond digital at this stage because I think there is a lot of unmet need within the industry,” Amaha founder and chief operating officer Amit Malik told Mint in an interview.
Despite widening losses in 2023, Amaha is actively investing in infrastructure, including physical clinics and technological improvements, 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, 15:05 IST