Amaha, a Mental Health Startup, Secures $4.4 Million in Funding
- ByStartupStory | January 9, 2024
Amaha, formerly known as InnerHour, has recently secured $4.4 million in funding from Fireside Ventures, marking its first fundraising effort in the past two years. The Mumbai-based mental health startup finalized an extended Series A round, with a significant investment from Fireside Ventures, as revealed in the company’s regulatory filings sourced from the Registrar of Companies.
“The board at Amaha passed a special resolution to issue 29,71,483 Series A4 compulsory convertible preference shares,” notes the company’s regulatory filings, “exchanging them at an issue price of Rs 122.63 each, amounting to Rs 36.44 crore ($4.39 million).”
The company’s valuation, estimated by TheKredible, stands at approximately Rs 177.2 crore or $21.35 million, following this funding round. Over time, Amaha has secured approximately $10 million in total funding from various investors such as Lightbox Ventures, Capricorn Partners, Pankaj Sahni, Hitesh Oberoi, and Ashish Bhargava.
“Fireside Ventures acquired a 20.6% stake in the company,” as specified in the filings, while “Lightbox Ventures remains the largest stakeholder.” Co-founders Amit Malik and Neha Kirpal have diluted their stakes, now holding a combined 33.7% in the company.
Amaha distinguishes itself as a mental health platform designed and developed by therapists and psychiatrists with extensive global experience, committed to delivering high-quality care. Their mission involves addressing the mental health treatment gap in India.
The platform operates with an in-house team comprising over 140 psychiatrists and psychologists and maintains three physical centers in Delhi, Mumbai, and Bengaluru.
The company reports significant impact through its employee well-being program, touching the lives of more than 700,000 individuals across 400 cities in India, boasting over 120 corporate partnerships.
“Amaha’s revenue surged 3.3 times to Rs 12.76 crore in FY23, up from Rs 3.85 crore in FY22,” as per their disclosures. However, “losses expanded to Rs 23.42 crore in the last fiscal year from Rs 11.47 crore in FY22,” according to TheKredible’s data analysis.
In October 2023, Amaha partnered with Harbinger, a global technology company specializing in HR solutions, eLearning, digital publishing, and education, among other areas.
Alongside Amaha, startups like Lissun, SoulUp, Mind Alcove, Wysa, and YourDost also focus on the mental health domain.
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