Amaha, one of India's leading digital mental health platforms, has raised an extended Series A round of over INR 50 crore (approximately $6 million), according to an exclusive report by Entrackr. The round was led by Fireside Ventures, which invested INR 18.07 crore. Shreyas Shibulal, the son of Infosys co-founder S.D. Shibulal invested INR 13.55 crore, and Lightbox contributed INR 9.3 crore.
With this round, Amaha's valuation has climbed to approximately INR 300 crore, nearly double its valuation of INR 177 crore from its previous $4.4 million Series A round raised in January 2024.
Who is Amaha?
Amaha, formerly known as InnerHour, was founded by psychiatrist and healthcare entrepreneur Dr. Amit Malik. Social entrepreneur Neha Kirpal joined as co-founder. The company was built to address one of the most pressing public health challenges in India: the mental health treatment gap. According to the National Mental Health Survey (NIMHANS, 2016), nearly 80% of people with mental health conditions in India receive no treatment at all.
The Amaha platform offers therapy sessions, psychiatric consultations, digital self-care tools, psychometric assessments, and community peer support. It covers a wide range of conditions, including anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia, and addictions. The company has an in-house team of more than 150 psychiatrists and therapists and a total workforce of approximately 246 employees.
The financial picture
During FY25 (the fiscal year ending March 2025), Amaha reported revenue of INR 27.57 crore, up from INR 21.40 crore in FY24, a growth of roughly 29%. Losses, however, also increased to INR 29.80 crore in FY25, up from INR 27 crore the previous year. This is a common pattern among growth-stage health-tech startups: revenue is climbing, but profitability remains out of reach as the company invests in building its clinical network and technology infrastructure.
Why this funding round matters
A 2x valuation jump is a strong signal of investor confidence, particularly in a sector where outcomes are harder to quantify than, say, e-commerce or fintech. Mental health startups have historically struggled to attract large funding rounds in India because the revenue models are complex, reimbursement infrastructure is thin, and user acquisition costs can be high.
Amaha's growth suggests that the market is maturing. The combination of increased awareness (post-pandemic), growing corporate wellness budgets, and a young, digitally native population that is more open to seeking help is creating conditions for platforms like Amaha to scale.
The entry of Shreyas Shibulal into this round is also worth noting. Strategic investments from individuals connected to India's technology ecosystem signal that mental health is beginning to be seen as a viable, investable category, and that matters for the entire sector.
India's mental health startup landscape
Amaha is one of several players in India's digital mental health space, alongside companies like Mave Health (which recently raised $2.1 million for its neurotechnology wearable), Wysa (an AI-powered mental health chatbot), and MindPeers. According to a report by RedSeer Consulting, India's mental health and wellness market is projected to reach $10.2 billion by 2027.
For a country where there are only about 9,000 psychiatrists for a population of 1.4 billion, digital platforms that can extend the reach of trained professionals are essential. The question going forward is whether Amaha and others can achieve sustainability, because in mental health care, long-term access matters more than short-term growth.
