Amaha, formerly known as InnerHour, announced on Wednesday that it has successfully secured ₹50 crore in an extended Series A funding round. The funding was led by Fireside Ventures, a prominent investor in consumer-focused startups, with additional contributions amounting to ₹15.6 crore from other angel investors.
Amaha, operating out of Mumbai, specializes in providing comprehensive mental health services, offering treatments and care plans for various conditions including anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions. The startup’s services extend to over 600 cities across India, demonstrating its commitment to addressing the widespread need for mental health support.
Fireside Ventures, with a diverse portfolio spanning food and beverage, personal care, kids & education, lifestyle, and home products, has shown strategic interest in wellness startups. Previous investments include The Good Bug and Inito, reflecting a broader industry trend towards prioritizing mental health and well-being.
Amit Malik, the founder and CEO of Amaha, expressed the company’s vision to go beyond digital platforms in meeting the increasing demand for mental health services. Despite widening losses in 2023, Amaha has been actively investing in infrastructure, establishing physical clinics in Mumbai, Bengaluru, and Delhi NCR, alongside technological enhancements. Malik remains optimistic about achieving profitability within the next 15-18 months.
Founded in 2016, Amaha currently operates three in-person centers, supported by a team of over 150 therapists and psychiatrists. The startup also delivers digital services through an app, providing self-care tools and resources to its users.
This recent funding round follows Amaha’s 2021 achievement of raising $5.2 million from venture capital firm Lightbox Ventures. Notable angel investors, including Capricorn Ventures & Micasa Investments (Singapore), Pankaj Sahni, CEO of Medanta–The Medicity Hospitals, and Hitesh Oberoi, CEO & MD of Info Edge India Pvt. Ltd., participated in the earlier funding round.
Beyond its consumer-focused initiatives, Amaha has successfully ventured into business-to-business (B2B) partnerships, collaborating with companies such as Godrej, Cipla, and Grant Thornton. Currently, B2B contributes to 20% of its revenues, highlighting the startup’s multifaceted approach to mental health services.
In 2022, Amaha Health further solidified its position in the market by acquiring Children First, a mental health organization focusing on children and adolescents. With an overall employee base exceeding 250 individuals, Amaha remains at the forefront of the mental health industry’s evolution.