Mental Health Startup Mave Health Raises Pre-Seed Funding

The latest fund infusion will help the startup in further developing Arc- a non-invasive product that the startup claims can treat depression.

Bengaluru-based Mave Health, a healthtech startup working in the mental health space has raised INR 6 Cr ($719K) in the pre-seed round.

The startup received funding from All In Capital, Utsav Somani (iSeed fund), Bharat Founders Fund, Deepinder Goyal (Zomato), Mohit Kumar and Vatsal Singhal (Ultrahuman), Kunal Shah (CRED), and others.

The latest fund infusion will help the startup in further developing and making accessible Arc- a non-invasive product that the startup claims can treat depression.

Sharing thoughts, Dhawal Jain, founder & CEO, Mave Health said that mental health has been neglected and underfunded for decades in India.

He stressed that the startup acknowledges the connection between mental and physical health and is committed to exploring potential breakthroughs through brain-based therapies.

“Our aim is to develop solutions that integrate seamlessly into individuals' lifestyles without causing any inconvenience. We're excited to have supportive investors join us on our journey to establish the highest standards of mental healthcare in India by offering new ways of treating depression with technology that wasn't previously available to the general public," Jain noted.

How Does Arc Work?

Mave Health was founded in 2023 by Dhawal Jain, Jai Sharma & Aman Kumar. As per the statement, the startup began working on three key insights on mental health in India, including early onset of depression, increase in anti-depressant consumption, and high relapse rate.

The startup says they turned to neuroscience to find the solution and developed Arc- a non-invasive brain stimulation wearable to treat depression at home.

The science behind arc is based on the insights and research findings contributions of neuroscientists and psychiatrists from Harvard Medical School, AIIMS, NIMHANS, Maastricht University, and other leading research institutes, the statement noted.

The infusion of capital in the pre-seed round will help the startup launch a 12-week personalized program focused on Arc.

The healthtech startup underscored that their pilot study involving Arc showed positive outcomes including 88% improvement in depression scores of patients over a 12-week period and 65% reporting enhancements in mood and cognitive function within the initial 21 days.

At present, users who enroll in the 12-week program can access Arc. The program provides unlimited access to Mave Health’s suite of experts including doctors, psychologists, fitness coaches, and nutritionists.

Kushal Bhagia of All In Capital commenting on the investment highlighted that one in every seven Indians suffers from mental health problems which often go undiagnosed. Additionally, problems such as stress and poor lifestyle habits lead to numbers ballooning higher.

“Most patients fear psychiatric drugs and treatments due to their known side effects and the associated social stigma. Mave Health is building a fully non-invasive, self-managed wearable to tackle this problem head on," he said.

The startup now aims to increase the network of partners and develop more personalized program protocols for Arc.

Mental Health Startup Space in India

Post COVID-19 pandemic, mental health, and emotional wellbeing have taken center stage in the dialogue around health.

In 2021 and 2022 startups focusing on mental health mushroomed across the globe collectively bagging nearly $10 million and $ 12.1 million in funding, as per the data published by Tracxn.

Overall, Indian companies raised $40.4 million in the mental health space to date.

Notable example is Amaha, a Mumbai-based startup that raised about $6 million in a funding round led by Fireside Ventures in January 2024.

The company offers psychiatry and other mental health services and has previously been backed by Lightbox Ventures, Capricorn Partners, and Info Edge CEO Hitesh Oberoi.

In 2022, Urban Health, a digital wellness company based in Bengaluru, raised $3.8 million over two rounds from seven investors, including 3one4 Capital and Venture Highway.

Additionally, mental health startups such as Lissun plan to hire 50-odd employees for their medical practitioner and product departments, indicating the growth potential in this sector.