Evolve, a mental health startup, has secured a follow-on funding round of Rs 2.5 crore led by the Indian Angel Network, with participation from Rajesh Ranavat, Executive Director at Fung Strategic Holdings, and other strategic angels.
The funding round was led by IAN investor Niraj Saran, who will also join Evolve's company board.
Focusing on expanding business offerings
The funding round follows a previous Rs 3 crore pre-seed round raised in July 2022. The startup plans to use the funds raised to deepen its offerings on the app and expand its business offerings to Diversity, Equity and Inclusion (DEI) initiatives within corporates.
Co-founded by Anshul Kamath and Rohan Arora in 2020, Evolve claims to have over 600,000 users globally and has gained recognition as the Best App for Personal Growth in 2021 by Google Play.
Focus on inclusivity and LGBTQIA+ community
Evolve is building the world’s most inclusive mental health app that currently focuses on the needs of the LGBTQ+ community.
Evolve’s Founder Anshul Kamath, said: "Over the last year, we've been able to build a vibrant, inclusive community where individuals find not just support but a true sense of belonging. We're thrilled about this next phase of growth and excited to welcome a new set of investors who share our passion for making mental health care personalized, affordable and inclusive."
Exploring generative AI
Evolve's methodology revolves around three core elements: Content, Community, and Coaching. The app offers curated content, support groups, and connects users with qualified coaches. The startup is also exploring Generative AI to provide personalized interventions.
Padmaja Ruparel, Co-Founder at IAN, said, “Anshul Kamath and Rohan Arora's commitment to transforming mental health, particularly for the LGBTQ+ community, aligns seamlessly with our vision for impactful investments. With a global user base of over 600,000, Evolve's innovative approach positions them as pioneers in mental health.
"This investment signifies a collective commitment to addressing a crucial gap in mental health care, setting a benchmark for future ventures. Recognizing the strategic importance, we anticipate this funding will enable Evolve to deepen offerings and extend influence to Diversity, Equity, and Inclusion initiatives. We're excited to be part of this transformative journey and anticipate positive change in the mental health space," Padmaja said.
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