Exclusive: Mindhouse mops up maiden institutional round

Online mental fitness platform Mindhouse is raising its first institutional round. The Gurugram-based startup is raising around $6 million from a clutch of investors. This is the maiden funding round for Mindhouse in 2021.

Mindhouse will allot 4,623 CCPS at a face value of Rs 10 and a premium of Rs 96,484 per share to raise Rs. 44.60 crore or close to $6 million, its regulatory filings show.

Three State Capital is leading the round with Rs 18.72 crore followed by GC India Investments which will put in Rs 7.5 crore. Grand Anicut Angel fund will be the third-largest external investor in this round with an investment of Rs 5.15 crore. 

Chaddah and the other co-founder Pooja Khanna will also join the fresh round with a collective investment of Rs Rs 7.5 crore. Chaddah was former Zomato’s co-founder while Khanna also had a decade-old stint at the foodtech company where she was chief of staff for product and tech verticals.

As per Fintrackr’s estimates, Mindouse has raised the fresh capital at a post-money valuation of Rs 180 crore or a little over $24 million.

The company had previously raised $2 million from Binny Bansal’s BTB Ventures, GDI Capital and angels including Anand Chandrasekaran, Sahil Barua, Karan Singh and Ambarish Raghuvanshi in April last year.

Entrackr had exclusively reported about Mindhouse launch and its maiden funding round in October 2019 and April 2020 respectively.

Floated in 2019 as an offline platform for mental fitness, Mindhouse had pivoted to become a digital-only platform a few months ago. Its app provides meditation and yoga content through a mixture of live classes and an on-demand library of audio and video content. The company also offers personal coach and DIY sessions on the app.

The company has also launched nutrition services starting from a monthly subscription of Rs 1,250. It claims to have over 3,000 customers on its platform.

Mindhouse was the second venture for Chaddah after he left foodtech major Zomato [now a public company] in March 2018. At the time of leaving Zomato, Chaddah had around 3.11% stake in the company which was later sold through several secondary rounds before the company’s IPO. Khanna was with Zomato for over 10 years. Before Mindhouse, she was chief of staff for product and tech verticals at the foodtech company.

The two-year-old company competes with Tata-owned Curefit (Mind.fit), HeadSpace, Fitternity, Calm among a few others.

Update: We have updated the headline and story to reflect the exact reference of the other co-founder of Mindhouse.