Mave Health raises Rs 6 Crore in pre-seed round led by All In Capital & Utsav Somani’s iSeed fund

New Delhi: Mave Health, a mental health-tech startup, has raised Rs 6 Crore in pre-seed funding round.

The funding round was led by All-In Capital and Utsav Somani’s iSeed Fund, with participation from other marquee investors including Bharat Founders Fund, Deepinder Goyal (Zomato), Kunal Shah (CRED), Mohit Kumar and Vatsal Singhal (Ultrahuman). The round also saw angel investors like Gaurav Agarwal (TATA 1mg), Nandan Reddy (Swiggy), Rohan Verma (BreatheWellBeing), Nikhil Kant (Even), Harsh Shah (Fynd), Neel Mehta (Studio Carbon), Nitin Mehrotra (Dressfolk), Himanshu Aggarwal (SHL), along with Vikrampati Singhania from JK Family Office, Gaurang Patel and Pradeep Patel from Amaanta Family office, and Rajan Dube.

Representatives from the creator industry, such as Ganesh Prasad and Parsh Kothari (ThinkSchool), Shlok Srivastava (TechBurner), Neel Gogia and Naim Siddiqui, also participated in the pre-seed round. The newly raised investment will support Mave Health in launching Arc, India’s first non-invasive brain stimulation wearable that treats depression.

Founded in 2023 by Dhawal Jain, Jai Sharma & Aman Kumar, Mave Health aims to build human-centric evidence-based programs for mental well-being. The startup’s flagship product Arc is designed to improve brain health and treat depression. The device is developed in collaboration with a team of top experts, including neuroscientists, psychiatrists, and psychologists from Harvard Medical School, Maastricht University and other leading research institutes. Over the past few months, during the beta phase, more than 1000 individuals have used Arc and have seen substantial improvements in their depression symptoms. The technology behind Arc has been studied for over two decades and shows promising results in cognitive improvement and depression treatment.

Dhawal Jain, Founder and CEO of Mave Health, “Mental healthcare in India has been neglected and underfunded for decades. By acknowledging the interconnection between mental and physical health, and recognising the brain as the cornerstone of well-being, we’re 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.”

Commenting on the investment, Kushal Bhagia of All-In Capital stated, “One in every seven Indians suffers from mental health problems, often undiagnosed. Add problems like stress plus poor lifestyle habits and the number balloons even 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. Mave Health marks India’s bold entry into building innovative technology for the world and we at All In Capital are proud to partner with them in their very first round.”

Utsav Somani of iSeed Fund added, “I am always on the lookout for technology and founders that move the world of healthcare forward. Mave’s flagship product, Arc, is truly extraordinary. This should solve the plague of antidepressants that are rampant now, to manage mental health better. I hold the belief that the future of great and personal healthcare is via simple wearables and Mave is building just that.”

Currently, Mave Health’s flagship wearable, Arc, can be accessed by enrolling in Mave Health’s 12-week long program which also offers unlimited sessions with their experts, including doctors, psychologists, nutritionists, and fitness coaches. The platform aims to unveil a new era in mental health by setting the gold standard for care. Mave Health has also partnered with psychologists, hospitals and private clinics across India to make Arc more accessible.