Mental healthtech startup InnerGize, known for its innovative approach to stress management, has successfully raised INR 4.5 Crore in its latest pre-seed funding round. The round was led by global early-stage venture capital firm Antler, with participation from prominent angel investors including Arjun Vaidya of V3 Ventures, Sharan Hegde of Finance with Sharan, OYO’s Ritesh Agarwal, boAt’s Aman Gupta, and Azhar Iqubal, among others.
This latest round brings the total pre-seed funding raised by InnerGize to INR 6.5 Crore. Co-founder Dr. Siddhant Bhargava explained that the round was structured in two phases, with INR 2 Crore initially secured from various government-backed initiatives such as the Startup India Seed Fund Scheme (SISFS), MeitY Startup Scheme, the Next Generation Incubation Scheme (NGIS), and the Biotechnology Industry Research Assistance Council (BIRAC).
Shark Tank India’s Boost to InnerGize
In a notable development, Dr. Bhargava previously shared that Aman Gupta, a Shark Tank India investor, initially planned to invest INR 1 Crore for a 4.2% equity stake. However, to accommodate other investors, Gupta revised his commitment, investing INR 30 Lakh for a 1.4% stake in the company.
The funds will primarily be used for manufacturing, research and development (R&D), clinical trials, and the upcoming product launch scheduled for April 2025. The Delhi-based startup, founded by Bhargava, Shalmali Kadu, and Mitansh Khurana, aims to revolutionize mental wellness with its key offering: a wearable device called the InnerGize Gen 1.
InnerGize’s Solution for Mental Health Issues
InnerGize’s flagship product leverages Neuroacoustic Vagal Modulation technology, which aims to reduce stress and anxiety by sending calming signals to the brain’s relaxation centers. The device gently stimulates the vagus nerve, which is known as the body’s natural relaxation switch. Through tailored 10-minute sessions, the device targets various mental health concerns, including sleep issues, mood stabilization, ADHD support, pain relief, and overall stress reduction.
The product’s discreet and portable design allows users to integrate it seamlessly into their daily routines. Although InnerGize was officially registered in July 2023, it plans to launch its first-generation product in the market next month. The wearable is priced at INR 12,400, but pre-orders are currently available at a discounted rate of INR 5,000-6,000.
The startup’s pitch on Shark Tank India has already garnered significant attention, with over 1,300 customers secured before the official product launch.
Ambitious Plans for Expansion
Looking ahead, InnerGize has set an ambitious target of reaching an annual recurring revenue (ARR) of $10 million within the next 18 months. The startup also plans to expand its footprint beyond India, with plans to enter the Gulf countries and Southeast Asia by the end of 2025. Additionally, InnerGize aims to seek FDA approval for its device in the second quarter of this year.
A Growing Market for Mental Wellness
The funding round comes as India’s mental wellness market continues to expand rapidly, attracting significant investor interest. Several startups in this space, such as Mave Health, Wysa, Shyft (formerly Mindhouse), Sukoon, and Trijog, have raised capital in recent years to address the rising demand for mental health solutions.
Another key player in the sector, LISSUN, raised $2.5 million (around INR 20.7 Crore) in its pre-Series A funding round in 2024. In a related development, Eternal co-founder and CEO Deepinder Goyal announced plans to incubate a health tracking and mental wellness venture, further signaling the growing focus on mental health in the Indian startup ecosystem.
India’s mental health market is projected to reach $27.4 billion by 2033, up from $20.2 billion in 2024, according to a recent IMARC report. With rising demand for accessible and affordable mental health solutions, startups like InnerGize are well-positioned to capitalize on the growing market potential.
