InnerHour Raises $5.2 Mn In Series A Round Led By Lightbox
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Mumbai-based InnerHour platform app announced on Thursday to have raised $5.2 million from Lightbox, making this the largest fundraise in the Indian mental health ecosystem to date. Lightbox led the funding with an investment of $4.5 million, with other angels including Capricorn Ventures & Micasa Investments (Singapore), Pankaj Sahni, CEO, Medanta, Hitesh Oberoi, CEO and MD, Info Edge India Pvt. Ltd, among others.
The establishment will use this funding to scale its technology-led mental health platform, as it is set to serve a section of the 200 million Indians currently suffering from mental health conditions.
“We believe a tech-led ecosystem that offers seamless continuity of care & 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 Malik, founder and chief executive officer, InnerHour.
While India today accounts for one-third of the global burden of depression, addictions, and suicides, there is still a 95 per cent treatment gap in the country due to key barriers - lack of access and awareness, affordability, and variable quality of care providers, the statement said.
In this next phase of development, Malik 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, the press release further said.
“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 spent in truly providing care. This investment is another example of our commitment at Lightbox to invest in businesses that deliver both social and financial returns,” commented Sandeep Murthy, partner, Lightbox.
The app has clocked over 900,000 downloads and has consistently ranked number one-two on Google Play Store for self-help/self-care, globally.
It was recently recognized as the 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.