In a groundbreaking move to revolutionize mental health care in India, Amaha, formerly known as InnerHour, has successfully raised $4.4 million in an extended Series A funding round led by Fireside Ventures. This marks a pivotal moment for the Mumbai-based startup, as it not only signifies a significant financial boost but also underscores the growing recognition of the importance of mental health support.
Amaha’s Board of Directors passed a special resolution to issue over 29 lakh Series A4 compulsory convertible preference shares, further strengthening the company’s position in the mental health space. Fireside Ventures’ investment, securing a 20.6% stake, emphasizes the venture capital’s confidence in Amaha’s potential to make a lasting impact.
The Mumbai-based startup, founded by Amit Malik and Neha Kirpal, operates on a foundation of global expertise from therapists and psychiatrists committed to addressing India’s mental health treatment gap. With an in-house team of over 140 mental health professionals, Amaha has successfully blended digital innovation with in-person support, boasting centres in Delhi, Mumbai, and Bengaluru.
Amaha’s commitment extends beyond clinical services, as evidenced by its employee well-being program, positively affecting more than 700,000 lives across 400 cities in India. Partnering with global technology company Harbinger in October 2023, Amaha has showcased its dedication to leveraging technology to improve mental health.
While achieving remarkable milestones, Amaha reported a notable 3.3X increase in revenue from operations, reaching Rs 12.76 crore in FY23. However, the startup also faced challenges, reflected in its losses, which doubled to Rs 23.42 crore last fiscal year. Despite the financial hurdles, Amaha remains a crucial player in a burgeoning industry that includes startups like Lissun, SoulUp, Mind Alcove, Wysa, and YourDost, collectively working towards transforming mental health care in the country.
As Amaha continues to carve its path in the mental health sector, the recent funding injection signifies a financial milestone and a beacon of hope for countless individuals seeking support for their mental well-being. Amaha’s journey is a testament to the growing recognition of the significance of mental health and the strides made to bridge the treatment gap in India.
