Mumbai-based mental health platform Amaha reported a 64.7% growth in revenue to Rs 22.76 crore in FY24, up from Rs 13.82 crore in FY23. The company provides a comprehensive range of mental health services, including self-care tools, therapy sessions, psychiatric care, and peer support, aiming to bridge the mental health treatment gap in India.
Amaha’s expenses surged 34.1% to Rs 49.77 crore in FY24, up from Rs 37.12 crore in FY23. Employee benefit expenses constituted 59.05% of total costs in FY24, slightly up from 58.29% in FY23. Advertisement expenses declined to 6.75% in FY24 from 9.91% in FY23, while depreciation costs increased to 1.48% in FY24 from 0.96% in FY23. Finance costs marginally rose to 1.36% in FY24 from 1.26% in FY23.
Despite revenue growth, Amaha’s losses widened to Rs 27.01 crore in FY24, compared to Rs 23.42 crore in FY23, as the company continued investing in its platform and services. The EBITDA margin improved to -112.36% in FY24 from -162.51% in FY23, while the ROCE also showed improvement, rising to -47.08% in FY24 from -66.90% in FY23.
Founded in 2015 and headquartered in Mumbai, Amaha has raised a total of Rs 77.23 crore across three funding rounds, with its latest Series A round closing on January 9, 2024. The company’s ownership is primarily held by its co-founders, Amit Malik (19.42%) and Neha Kirpal (11.60%), alongside institutional investors such as Capricorn Ventures (1.88%) and Patni Wealth (1.04%). The ESOP pool accounts for 4.32% of total equity.