Mental health is one of the most pressing issues of our times, especially in the wake of the Covid-19 pandemic. According to the World Health Organization, more than 264 million people suffer from depression globally, and one in four people in the world will be affected by a mental or neurological disorder at some point in their lives.
In India, the situation is even more alarming, as the country has the highest suicide rate in the world, and only 10% of people with mental health problems receive adequate treatment. The stigma and lack of awareness around mental health also prevent many people from seeking help.
How Amaha is changing the game
To address this gap, a Mumbai-based startup called Amaha (formerly InnerHour) has emerged as a leading player in the mental health space. Amaha is a digital platform that offers personalized and evidence-based interventions for various mental health issues, such as depression, anxiety, stress, anger, and more.
Amaha uses artificial intelligence and data science to create customized plans for each user, based on their goals, preferences, and needs. The platform also provides access to a network of qualified therapists, who can offer online counseling sessions and support.
Amaha’s vision is to make mental health care accessible, affordable, and effective for everyone, regardless of their location, income, or background. The startup claims to have helped over 2 million users across 100 countries, and has partnered with several organizations, such as the United Nations, Tata Trusts, and Reliance Foundation, to provide mental health solutions for various segments of society.
Amaha’s funding journey
Amaha has recently raised $4.4 million in an extended Series A round, led by Fireside Ventures, a venture capital firm that focuses on consumer brands. The round also saw participation from existing investors, such as Lightbox Ventures, Kae Capital, and Venture Works.
The startup had previously raised $5.2 million in a Series A round in 2020, and $1.5 million in a seed round in 2018. The total funding raised by Amaha so far stands at $11.1 million.
The fresh capital will be used by Amaha to expand its product offerings, grow its user base, and scale its operations. The startup also plans to hire more talent, especially in the areas of engineering, product, and marketing.
Amaha’s future plans
Amaha’s co-founder and CEO, Dr. Amit Malik, said that the startup aims to become the go-to platform for mental health care in India and beyond. He said that Amaha’s mission is to empower people to take charge of their mental well-being, and to create a positive impact on society.
“We are thrilled to partner with Fireside Ventures, who share our vision and passion for building a consumer-centric brand in the mental health space. With their support and expertise, we hope to reach out to millions of people who need mental health care, and to make Amaha a household name in India and globally,” he said.
Fireside Ventures’ founder and partner, Kanwaljit Singh, said that he was impressed by Amaha’s team, technology, and traction. He said that Amaha has the potential to become a category leader in the mental health space, and to create a lasting social impact.
“Mental health is a huge and underserved market, with a lot of scope for innovation and disruption. Amaha has built a strong product-market fit, with a loyal and engaged user base. We are excited to join them on their journey, and to help them scale their business and brand,” he said.
Amaha is one of the few startups in India that are focused on the mental health sector, which is expected to grow at a compound annual growth rate (CAGR) of 20% by 2023, according to a report by RedSeer Consulting. Some of the other players in this space include Wysa, Mindhouse, YourDost, and iWill.
Amaha’s co-founder and chief product officer, Neha Kirpal, said that the startup is constantly innovating and improving its platform, to offer the best possible experience for its users. She said that Amaha’s goal is to make mental health care a part of everyone’s daily routine, and to create a culture of wellness and happiness.
“We believe that mental health is not a luxury, but a necessity. We want to make Amaha a platform that people can trust and rely on, for all their mental health needs. We want to make mental health care as easy and convenient as ordering food or booking a cab,” she said.