Mindeye SA Solutions. Ltd, which manages Lissun’s mental and emotional health care, said on Wednesday it secured $1 million (about Rs 7.9 crore) seed funding led by IvyCap Ventures, with participation from We Founder Circle. and Supermorpheous.
The round also saw the participation of angel investors, including Gaurav Munjal (Unacademy), Harsh Jain (Groww), Sandeep Aggarwal (Droom and ShopClues), and Pavan Vaish (IBM Daksh and former CEO of IBM India), among others.
The Gurugram-based company will use the fresh funds to boost its technology and expansion.
Founded by Krishna Veer Singh and Tarun Gupta last year, Lissun aims to solve mental health at scale by providing complete solutions. Currently, the startup has a presence in 17 cities and is looking to expand to 25.
“The model we work on reaches a wider audience and penetrates deeper into the challenge. This model has enabled impressive growth across all aspects of the brand with the right mentorship from investors, we will be able to accelerate our pace to achieve our ambition of solving mental health at scale in India and beyond,” said Singh.
“The B2H2C approach that Lissun has adopted allows the brand to reach its customers efficiently. It proactively serves the mental health space by partnering with healthcare partners and medical professionals from across the field and reaching out to the unaware,” said Vikram Gupta, Founder and Managing Partner of IvyCap Ventures.
Founded in 2011 by Vikram Gupta, IvyCap built a venture capital model around the global IIT Alumni ecosystem with endowment at its core. IvyCap currently has over 65 top mentors with an additional 5,000 alumni in their inner circle of support. With each exit, the mentor trust receives a payment.
In February, VCCircle reported that IvyCap Ventures had marked the first closing of his third fund at Rs 1,608 crore. The first IvyCap fund of Rs 240 crore was launched in 2014 and made 10 investments. His second fund of Rs 535 crore was launched in 2020 and he placed 23 bets.
Not much investment has been seen in India’s mental health space this year.
In July, mental health platform Wysa had raised $20 million as part of its Series B funding round led by venture capital firm HealthQuad.
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