Amaha secures heavy investment
Amaha, formerly InnerHour, is a mental health start-up in Mumbai. In its first fundraising drive, the company has raised a whopping amount of $4.4 million from Fireside Ventures. They have raised the funding in an extended Series A round.
Fireside acquired 20.6% shares in the startup through investment. Lightbox Ventures has the largest shares in the company whereas co-founders Neha Kirpal and Amit Mallik reduced their shares to 33.7%.
Share Release
The board at the startup has approved a special resolution to release 29,71,483 Series A4 compulsory convertible preference shares at an issue price of Rs 122.63 each in lieu of $4.39 million (Rs 36.44 crore), according to the startup’s regulatory filings from the Register of Companies.
Market Value and Other Investors
TheKredible estimates that the value of Amaha is around $21.35 million or INR 177.2 crore. To date, they have secured around $10 million from some heavyweight names like Capricorn Partners, Lightbox Ventures, Hitesh Oberoi, Ashish Bhargava, Pankaj Sahni and the likes.
About Amaha
Amaha is a Mumbai-based mental health platform founded by a team of psychiatrists and therapists having global experience in the field. The team is committed to providing great care to people with mental health issues.. The team is heavily invested in providing quality health treatment in India. A lot of work needs to be done in this niche.
Amaha works through an in-house team of more than 140 psychologists and psychiatrists and has three in-person offices in Delhi, Bengaluru and Mumbai.
Compared to gross earning of Rs 3.85 crore in the financial year 2022, Amaha’s revenue jumped 3.3 times to reach INR 12.76 crore in the financial year 2023. TheKredible claims that the losses also jumped to INR 23.42 crore, in FY 23 from Rs 11.47 crore in FY22.
Programs by Amaha
As per the startup, it runs an employee well-being program that has positively affected more than 70, 000 people in 400 cities across India. The company has partnered with 120 corporate houses. In October 2023, the start-up collaborated with a global technology company Harbinger that develops solutions for e-learning, education, human resources, digital publishing and many more.
Wrapping Up!
People don’t feel comfortable consulting with an expert regarding their mental health issues. Moreover, a great deal of effort is needed to provide quality health care services to address the gap in the country. It’s a good thing that other startups such as Mind Alcove, SoulUp, Lissun, YourDost and Wysa are also operating in the niche of mental health space.
