Healthtech firm Mindhouse raises capital from Binny Bansal-led BTB Ventures

Healthtech firm Mindhouse raises capital from Binny Bansal-led BTB Ventures
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21 Apr, 2020

Gurugram-based healthtech platform Mindhouse, owned by Blacktail Mindhouse and set up by co-founder of food delivery platform Zomato Pankaj Chaddah, has raised $676,113 in a debt funding round.

The round was led by Flipkart co-founder Binny Bansal’s BTB Ventures. Venture capital firm GGV Capital and Aartieca Family Trust participated in the round, along with angel investors Sahil Barua, Srivatsan Rajan, Ambarish Raghuvanshi, Karan Singh and Anand Chandrashekharan. 

The company issued 5,20,100 compulsorily convertible debentures to investors at Rs 100 per debenture, totalling to Rs 5.20 crore, on April 15, regulatory filings showed.

This is the first time that institutional investors have funded the company, it said. 

On April 3, founder Chaddah infused $1.3 million (around Rs 10 crore) in an equity share issue on rights basis, separate filings showed.

Chaddah quit Zomato in March 2018, 10 years after he set it up, to take a professional break. A year later, he founded Mindhouse.

The healthtech platform provides meditation solutions for people under mental stress from hectic routines. It currently conducts sessions from its Gurugram facility and also provides on-site corporate meditation sessions.   

The development was first reported by Entrackr. The company has currently suspended operations due to the national Covid-19 lockdown, the report said.

Read: Coronavirus India LIVE updates

Despite the crunch in funding due to the crisis, healthtech startups have managed to keep investor interest. There have already been four deals in the segment this month. 

Last week, Plunes Technologies raised $300,000 from undisclosed investors, while chronic disease management platform Wellthy Therapeutics raised $4 million from venture capital firm Saama Capital.  

Earlier this month, healthcare supply chain platform Akna Medical closed the first tranche of its Series A funding round, with a $7 million investment from LGT Lightstone Aspada, the India-focused venture capital arm of private equity firm LGT Lightstone.

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