Evolve Raises Rs 2.5 Crore in Follow-On Funding Round Led by Indian Angel Network

• ByStartupStory     |    December 20, 2023

Mental health startup Evolve has secured a follow-on funding round of Rs 2.5 crore, led by Indian Angel Network (IAN) with participation from Rajesh Ranavat (Exec Director – Fung Strategic Holdings) and other strategic angels.

Previously, Evolve had raised an Rs 3 crore Pre-seed round in July 2022, with prominent IAN investor Niraj Saran leading the funding round on behalf of Indian Angel Network and set to join the company’s board post the investment.

Founded in 2020 by Anshul Kamath and Rohan Arora, Evolve boasts a user base of over 600,000 globally. The startup focuses on inclusivity, particularly within the LGBTQIA+ community, alongside its proprietary UI/UX and interventions.

The app is designed to cater to diverse audiences through curated content, support groups, and connecting users with qualified coaches.

With the newly raised funds, Evolve aims to enhance its app offerings and expand into business offerings related to Diversity, Equity, and Inclusion (DEI) initiatives within corporates.

Anshul Kamath, Founder of Evolve, expressed excitement about the next phase of growth, stating, “We’re thrilled about this next phase of growth and excited to welcome a new set of investors who share our passion for making mental health care personalised, affordable and inclusive.”

Padmaja Ruparel, Co-Founder at IAN, commented on the alignment of Evolve’s mission with IAN’s vision for impactful investments, especially in transforming mental health care for the LGBTQ+ community.

Niraj Saran, the Lead investor and a Silicon Valley based Technology and Business Leader, praised Evolve’s unique approach, stating, “Company’s unique approach of curated content, community and use of state of the art technology is helping to effectively address this huge unmet need in a scalable manner.”

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