InnerHour raises Series A round led by Lightbox
Mental health platform InnerHour has raised $5.2 million (about Rs 37.9 crore) in Series A funding led by venture capital firm Lightbox Ventures, according to a release.
Lightbox invested $4.5 million (about Rs 32.8 crore), while the other investors are Capricorn Ventures & Micasa Investments (Singapore), Pankaj Sahni, CEO, Medanta - The Medicity Hospitals; and Hitesh Oberoi, CEO & MD, Info Edge India Pvt. Ltd.
This investment makes it the largest fundraise in the Indian mental health ecosystem till date, said the release.
InnerHour will use this funding to scale its technology-led platform to be able to cater to a section of the 200 million Indians suffering from mental health conditions.
While India accounts for one-third of the global burden of depression, addiction and suicides, there is a 95% treatment gap in the country due to barriers such as lack of access and awareness, affordability and variable quality of care providers, said the release.
In the next development phase, InnerHour plans to 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 millions suffering and seeking quality mental healthcare. This funding round 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 CEO, InnerHour.
Malik and co-founder Neha Kirpal lead a team of 20+ specialists who are committed to bridging the mental health gap in India.
“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,” said Sandeep Murthy, partner at Lightbox. “The 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.”
Lightbox, an early-stage venture fund based in Mumbai, manages approximately $400 million (about Rs 2,916 crore). Its recent investments include Dunzo, Bombay Shirt Company and WayCool Foods. It has also invested in Rebel Foods, Melorra and Embibe.