[Funding alert] Mental health startup InnerHour raises $5.2M Series A investment led by Lightbox
Mental health startuphas raised $5.2 million from Lightbox and others. This is one of the largest fundraises in the Indian mental health space to date.
The round was led by Lightbox, with an investment of $4.5 million, along with other angels including Capricorn Ventures; Micasa Investments (Singapore); Pankaj Sahni, CEO, Medanta – The Medicity Hospitals; Hitesh Oberoi, CEO and MD, Info Edge India Pvt Ltd, among others.
InnerHour will use the funding to scale its technology-led mental health platform to serve over 200 million Indians living with mental illnesses. According to the statement shared by the company, in this next phase of development, Dr Amit Malik, Founder and CEO of InnerHour, is joined by Co-founder Neha Kirpal as they build a full-stack offering focused on the varying needs of individual users across the entire care continuum.
“We believe a tech-led ecosystem that offers seamless continuity of care and support is very much the need of the hour for the millions suffering and seeking quality mental healthcare today. This round of funding gives us the opportunity to further build our omnichannel products and services, catering to a range of mental health conditions,” said Dr Amit in the press statement.
The team added that India accounts for a third of the global burden of depression, addictions, and suicides, and there is still a 95 percent treatment gap in the country due to barriers such as lack of access and awareness, affordability, and variable quality of care providers.
InnerHour's plaform focuses on creating ease of access (remote, anonymous, 24x7), standardising quality offerings, and solving for early intervention. The InnerHour app has over 900,000 downloads and has consistently ranked among the top two on Google Play Store for self-help/self-care globally. It was recently recognised as 'Best App for Good' in 2020 in India by Google Play Store, and has previously been part of both Google’s and Facebook’s India accelerator cohorts.
The startup offers a combination of clinical expertise and global best practices, along with deep-rooted empathy and understanding of the lived experiences of those suffering from mental health conditions. Dr Amit and Neha lead a team of 20+ colleagues to bridge the mental health gap in India.
Sandeep Murthy, Partner at Lightbox, commented, “InnerHour’s technology platform, combined with a holistic, outcome-driven approach, ensures that users get the best support as they learn how to manage their conditions. The technology platform helps caregivers get current and accurate information on users’ condition and progress, thereby ensuring that their time is truly spent in providing care. This investment is another example of our commitment at Lightbox to invest in businesses that deliver both social and financial returns.”