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Mental health gains material wealth



Earlier this week, Amaha, a mental health startup, announced that it has secured ₹50 crore in an extended Series A funding round led by Fireside Ventures, with other angel investors contributing ₹15.6 crore. The Mumbai-based company plans to use this funding to expand its treatment and care plans for anxiety, depression, bipolar disorder, ADHD, OCD, schizophrenia and addictions.

India’s mental health landscape is worrying. According to WHO, 10.6% of the population suffers from mental health issues. The prevalence is higher in men than women, and urban residents are more prone to such ailments than their rural counterparts. The treatment gap – the difference in the proportion of people who have a disorder and those individuals who receive care – for mental ailments ranges from 28% to 83%, and a government facility, which is mostly under-equipped, is the commonest source of care. While the National Mental Health Policy 2014 and the Mental Healthcare Act 2017 call for universal access to quality services and protection of the rights of affected people, there is serious shortfall of doctors, counsellors and facilities. Startups such as Amaha, Wysa, Evolve, Kaha Mind, Manah and Trijog are trying to fill this gap, and using innovative tech-led solutions.

While social stigma remains a challenge, awareness is rising. People are seeking professional help. According to the UnivDatos market research report, the Indian mental health market is expected to grow at a substantial CAGR of 15% between 2022 and 2028. Currently, around 280 mental health startups operate in India. The emergence of this support framework is a positive development. However, in the competition to attract subscribers, quality of services should not suffer.

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