NEW DELHI: Mental well being could have turn out to be a focus for each people and companies alike after Covid, however funding in the sector has mockingly witnessed an enormous plunge in 2023. Private fairness funding in the psychological healthtech area dropped considerably to $3 million, solely about one-fourth of worth invested in the earlier yr, knowledge culled from Tracxn confirmed.
This comes at the same time as the general healthcare sector continued to be a hub of PE offers in 2023, notching up $4.6 billion.
After Covid, psychological wellbeing has turn out to be vital for people and companies. As a outcome, psychological well being startups noticed a big rise in demand in 2021, owing to the psychological well being points introduced on by the pandemic. Predictably, funding in these ventures surged to practically $10 million and $12.1 million in 2021 and 2022 respectively.
“Mental health challenges are on the rise globally. Approximately 1 in every 8 people suffer from mental health disorders, according to the WHO. India is home to 446 mental healthtech startups, representing more than 6% of the total number of startups in this field worldwide. Indian mental healthtech startups have raised a total of $3.4 million in funding for 2023, notably lower than the global total of $824 million. However, in the first 10 days of 2024 alone, the sector has witnessed funding of $4.4 million, a growth over 31% compared to the previous year. Overall, Indian companies raised $40.4 million in this field till date, a small fraction compared to $13.5 billion raised globally. Noteworthy ventures like Amaha, securing $5.2 million, and Urban Health, securing $3.4 million, have attracted investor attention in this sector,” Tracxn co-founder Neha Singh advised TOI.
Vidit Bahri, co-founder and chief progress officer Sukoon, a psychological healthcare platform, mentioned, “Investors have become cautious with what business models they are backing”.
This comes at the same time as the general healthcare sector continued to be a hub of PE offers in 2023, notching up $4.6 billion.
After Covid, psychological wellbeing has turn out to be vital for people and companies. As a outcome, psychological well being startups noticed a big rise in demand in 2021, owing to the psychological well being points introduced on by the pandemic. Predictably, funding in these ventures surged to practically $10 million and $12.1 million in 2021 and 2022 respectively.
“Mental health challenges are on the rise globally. Approximately 1 in every 8 people suffer from mental health disorders, according to the WHO. India is home to 446 mental healthtech startups, representing more than 6% of the total number of startups in this field worldwide. Indian mental healthtech startups have raised a total of $3.4 million in funding for 2023, notably lower than the global total of $824 million. However, in the first 10 days of 2024 alone, the sector has witnessed funding of $4.4 million, a growth over 31% compared to the previous year. Overall, Indian companies raised $40.4 million in this field till date, a small fraction compared to $13.5 billion raised globally. Noteworthy ventures like Amaha, securing $5.2 million, and Urban Health, securing $3.4 million, have attracted investor attention in this sector,” Tracxn co-founder Neha Singh advised TOI.
Vidit Bahri, co-founder and chief progress officer Sukoon, a psychological healthcare platform, mentioned, “Investors have become cautious with what business models they are backing”.
