In a significant development in the mental health sector, Amaha, formerly known as InnerHour, has successfully raised $4.4 million in an extended Series A funding round led by Fireside Ventures. This marks the first fundraising activity for the Mumbai-based startup in the past two years.
Amaha Funding & Valuation
The board at Amaha has recently approved a special resolution to issue 29,71,483 Series A4 compulsory convertible preference shares at an issue price of Rs 122.63 each, raising a total of Rs 36.44 crore ($4.39 million), according to regulatory filings sourced from the Registrar of Companies. This funding round has reportedly valued Amaha at approximately Rs 177.2 crore or $21.35 million, as estimated by TheKredible.
To date, Amaha has successfully secured around $10 million in funding from notable investors such as Lightbox Ventures, Capricorn Partners, Pankaj Sahni, Hitesh Oberoi, and Ashish Bhargava.
Fireside Ventures' investment in this round secures them a 20.6% stake in Amaha, making them a significant shareholder in the mental health startup. Despite this, Lightbox Ventures maintains its position as the largest stakeholder. Notably, co-founders Amit Malik and Neha Kirpal have diluted their stakes to 33.7% as a result of this funding round.
Amaha: Bridging the Mental Health Treatment Gap
Amaha distinguishes itself as a mental health platform developed by therapists and psychiatrists with global expertise and a commitment to delivering quality care. The company is dedicated to addressing the mental health treatment gap in India.
Operating with a team of over 140 in-house psychiatrists and psychologists, Amaha also boasts three in-person centers located in Delhi, Mumbai, and Bengaluru. The company's focus on employee well-being has positively impacted over 700,000 lives across 400 cities in India, with more than 120 corporate partners benefiting from their services.
In October 2023, Amaha entered into a strategic partnership with Harbinger, a global technology company specializing in solutions for human resources, eLearning, digital publishing, and education. This move reflects Amaha's commitment to expanding its reach and improving mental health solutions through innovative collaborations.
Financially, Amaha witnessed a remarkable growth in revenue from operations, surging 3.3 times to Rs 12.76 crore in FY23 compared to Rs 3.85 crore in FY22. However, the company's losses also increased twofold, reaching Rs 23.42 crore in the last fiscal year from Rs 11.47 crore in FY22, as reported by TheKredible.
With the latest funding injection, Amaha is poised for further expansion, technological advancements, and an enhanced ability to address the pressing mental health needs in India. The startup's unique approach, strong team, and strategic partnerships position it as a key player in the evolving landscape of mental health services. As the company continues its mission to bridge the treatment gap, industry observers will be keenly watching Amaha's trajectory in the coming years.
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