Exclusive: Mental health startup Amaha raises $4.4 Mn in Series A

Mental health startup Amaha (formerly InnerHour) has raised $4.4 million in funding from Fireside Ventures in an extended Series A round. This is the first fundraise of the Mumbai-based company in the last two years.

The board at Amaha has passed a special resolution to issue 29,71,483 Series A4 compulsory convertible preference shares at an issue price of Rs 122.63 each in exchange of Rs 36.44 crore ($4.39 million), as per the company’s regulatory filings sourced from the Registrar of Companies.

As per TheKredible’s estimates, Amaha has been valued at around Rs 177.2 crore or $21.35 million. To date, the company has raised around $10 million from the likes of Lightbox Ventures, Capricorn Partners, Pankaj Sahni, Hitesh Oberoi and Ashish Bhargava among others.

Fireside Ventures invested the sum to acquire 20.6% shares in the company. Lightbox Ventures remains the largest stakeholder in the company while co-founders Amit Malik and Neha Kirpal diluted their stakes to 33.7%.

Visit TheKredible for more details.

Amaha is a mental health platform built by therapists and psychiatrists with global experience and a commitment to providing quality care. Its team is deeply invested in solving the mental health treatment gap in India.

Amaha operates through in-house expert team of more than 140 psychiatrists and psychologists and also has three in-person centres in Delhi, Mumbai and Bengaluru. 

As per the company, its employee well-being program has impacted more than 700,000 lives across 400 cities in India with over 120 corporate partners. In October 2023, it tied up with Harbinger, a global technology company building solutions for human resources, eLearning, digital publishing, and education, among others.

Amaha’s revenue from operations jumped 3.3X to Rs 12.76 crore in FY23 as compared to Rs 3.85 crore in FY22. As per TheKredible, its losses also ballooned 2X to Rs 23.42 crore during the last fiscal from Rs 11.47 crore in FY22.

Besides Amaha, startups like Lissun, SoulUp, Mind Alcove, Wysa and YourDost also focus on the mental health space.