Mental health issues have become all pervasive in Indian society, so much so that a technology-led, self-help platform InnerHouse has raised $5.2 million in venture capital funding to address the silent disease. It is estimated that 200 million Indians currently are suffering from various mental health conditions.
While India today accounts for a third of the global burden of depression, addictions, and suicides, there is still a 95% treatment gap in the country due to barriers like lack of access and awareness, affordability, and variable quality of care providers.
To this end, InnerHour founder Dr Amit Malik has been using tech to break these initial barriers and create ease of access (remote, anonymous, and 24/7), standardise quality offerings, and solve for early intervention.
InnerHour, provides for self-awareness through free assessments, a range of CBT based self-help tools, personalised content, and support communities. In addition, patients can also engage with a live therapist via text/voice/video in eight Indian languages from a network of 120 therapists across 60 cities in India.
Mumbai-based venture capital firm, Lightbox, led the funding with an investment of $4.5 million with other angels including, Capricorn Ventures & Micasa Investments (Singapore), Pankaj Sahni, CEO Medanta – The Medicity Hospitals, Hitesh Oberoi, CEO and MD, Info Edge India Pvt. Ltd, amongst others.
“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,” says Sandeep Murthy, Partner at Lightbox. Murthy further points out that investments such as the present one are examples that speak about Lightbox's commitment to invest in businesses that deliver both social and financial returns.
InnerHour has over 900,000 downloads and has been consistently ranked at the top on Play Store for self- help/self-care globally. It was recognised as the best app for good in 2020 in India by Google Play and has previously been part of both Google’s and Facebook’s India Accelerator Cohorts.
“We believe a tech-led ecosystem that offers seamless continuity of care and support, is very much the need of the hour for the millions suffering and seeking quality mental healthcare today,” says Dr. Amit Malik, founder and CEO, InnerHouse. “This round of funding gives us the opportunity to further build our omni-channel products and services, catering to a range of mental health conditions.”
