Fireside Ventures has invested $4.4 million in an extended Series A round of funding in mental health startup Amaha (formerly InnerHour). This is the company’s first fundraising effort in the previous two years, located in Mumbai.
Using information from the Registrar of Companies and the company’s regulatory filings, the board of Amaha has passed a special resolution to issue 29,71,483 compulsory convertible preference shares at an issue price of Rs 122.63 each in exchange for Rs 36.44 crore ($4.39 million).
Amaha’s estimated value in the media is Rs 177.2 crore, or $21.35 million. The business has raised about $10 million so far from investors including Pankaj Sahni, Hitesh Oberoi, Lightbox Ventures, Ashish Bhargava, and others.
The money was invested by Fireside Ventures, which bought 20.6% of the company’s shares. Lightbox Ventures continues to hold the largest stake in the company, with Amit Malik and Neha Kirpal, the other co-founders, diluting their holdings to 33.7%.
Amaha is a mental health platform created by psychiatrists and therapists with a dedication to high-quality care and international experience. Its staff is fervently committed to closing the treatment gap in India for mental illness.
In addition to its three physical locations in Delhi, Mumbai, and Bengaluru, Amaha employs an expert team of over 140 psychiatrists and psychologists in-house.
The company claims that over 700,000 lives have been touched by its employee well-being program, which it runs in 400 Indian cities with over 120 corporate partners. It partnered with the international technology firm Harbinger in October 2023, which develops solutions for eLearning, digital publishing, human resources, and education, among other things.
