Funding Alert
Mental health platform Evolve raises Rs 3 crore in pre-seed round
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ByStartupStory | September 7, 2022
Evolve, an LGBTQ+ community-focused mental health tech firm, announced a pre-seed financing of Rs 3 crore headed by Rajesh Ranavat, executive director of Fung Strategic Holdings. Angel investors included Dineout founders Ankit Mehrotra and Nikhil Bakshi, as well as worldwide executives from Meta and McKinsey, according to the startup.
According to entrepreneur Anshul Kamath, the funds will be used to expand the core staff and build the product. “LGBTQIA+ people are three to four times more likely to suffer from major mental illness.”
“We are delighted to be one of the first firms in the world to address community needs, and our user growth and affection are testaments to the quality of our products thus far,” he continued.
Evolve, launched in 2020 by Anshul Kamath and Rohan Arora, has over 250,000 users worldwide. The software and its proprietary UI provide users a virtual safe place as well as personalized, evidence-based therapies to help them improve their mental health.
Google Play named the app the Best App for Personal Growth in 2021. “Our goals are to use the funding we have now received to expand the core team at Evolve and invest in building a world-class product that continues to create individual and collective safe spaces for users worldwide,” Kamath explained.
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Clean-label food brand Anveshan has raised Rs 150 crore (nearly $16 million) in a Series B funding round led by Vertex Ventures Southeast Asia & India. The round also saw participation from International Finance Corporation (IFC), Swiggy co-founder Sri Harsha Majety, and existing investors including Wipro Consumer Care Ventures, Titan Capital Winners Fund, Force Ventures, and boAt co-founders Aman Gupta and Sameer Mehta. Entrackr had exclusively reported the development last week. According to Entrackr’s estimates, the funding valued the company at over $90 million. The fresh capital will be used to strengthen manufacturing capabilities, accelerate product development, expand offline distribution, and deepen its digital presence. The company also plans to invest in sourcing infrastructure, procurement systems, quality assurance, and testing capabilities while expanding partnerships with micro entrepreneurs and traditional producers. Founded in 2020 by Kuldeep Parewa, Akhil Kansal, and Aayushi Khandelwal, Anveshan sells minimally processed food products including A2 bilona ghee, cold-pressed oils, raw honey, atta, and other traditional nutrition-focused products. The startup operates through a network of rural producers and micro entrepreneurs across the country. Anveshan claims to be operating at an annual revenue run rate of Rs 280-300 crore and is targeting Rs 1,000 crore in revenue over the next 24-30 months. The company plans to expand its atta portfolio, strengthen its owned digital channels, scale offline distribution, and continue investing in product innovation. For the fiscal year ended March 2025, Anveshan reported a 64.6% increase in operating revenue to Rs 77.08 crore from Rs 46.84 crore in FY24. Its losses widened to Rs 11.88 crore in FY25 from Rs 5.74 crore in the previous fiscal year....
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