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Amaha's Mental Health Mission Gains Momentum with $4.4M Series A Boost from Fireside Ventures

Mental health startup Amaha, formerly known as InnerHour, has successfully raised $4.4 million in an extended Series A funding round led by Fireside Ventures. This marks Amaha's first fundraising effort in the past two years. The Mumbai-based company issued 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.

The estimated valuation of Amaha, based on TheKredible's calculations, stands at approximately Rs 177.2 crore or $21.35 million. The startup has previously secured around $10 million in funding from investors including Lightbox Ventures, Capricorn Partners, Pankaj Sahni, Hitesh Oberoi, and Ashish Bhargava. Fireside Ventures' investment in this round secured a 20.6% stake in Amaha, while Lightbox Ventures remains the largest stakeholder. Co-founders Amit Malik and Neha Kirpal saw a dilution in their stakes to 33.7%. Amaha is a mental health platform designed by therapists and psychiatrists with a global perspective, aiming to bridge the mental health treatment gap in India. The company operates with an in-house team of over 140 psychiatrists and psychologists and has three in-person centers in Delhi, Mumbai, and Bengaluru. The startup's employee well-being program has impacted over 700,000 lives across 400 cities in India, with more than 120 corporate partners. In October 2023, Amaha entered into a partnership with Harbinger, a global technology company specializing in solutions for human resources, eLearning, digital publishing, and education. In terms of financial performance, Amaha reported a significant increase in revenue from operations, surging 3.3 times to Rs 12.76 crore in FY23 compared to Rs 3.85 crore in FY22. However, losses also doubled to Rs 23.42 crore in the last fiscal year from Rs 11.47 crore in FY22. Amaha operates in a space that includes other mental health-focused startups such as Lissun, SoulUp, Mind Alcove, Wysa, and YourDost.


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