Shark Tank Fame InnerGize Bags Funding To Address Mental Health Issues

D2C mental healthtech startup InnerGize has raised another INR 4.5 Cr in its pre-seed round, led by Antler. It also saw participation from angel investors such as Arjun Vaidya (V3 Ventures), ​Sharan Hegde from Finance with Sharan, OYO’s Ritesh Agarwal, boAt’s Aman Gupta, Azhar Iqubal, and others.

With this, the startup has raised a total of INR 6.5 Cr in the pre-seed round. InnerGize cofounder Dr Siddhant Bhargava said that the round was structured in two phases, with the first INR 2 Cr coming from government bodies such as Startup India Seed Fund Scheme (SISFS), MeitY Startup Scheme, NGIS (Next Generation Incubation Scheme), and Biotechnology Industry Research Assistance Council (BIRAC).

Last month, Bhargava told Inc42 that Shark Tank’s Gupta was initially set to invest INR 1 Cr for a 4.2% equity stake in the startup. However, to accommodate other investors, he invested INR 30 Lakh for a 1.4% equity instead.

The Delhi-based startup will use the fresh funds primarily for manufacturing, clinical trials, R&D, and its maiden product launch in April 2025.

Founded by Bhargava, Shalmali Kadu, and Mitansh Khurana, InnerGize is a mental healthtech startup which aims to tackle stress with its key offering – a wearable InnerGize Gen 1. 

How InnerGize Plans To Address Mental Health Issues

The startup claims that the wearable device sends calming signals to the brain’s relaxation centres, helping users reduce stress, anxiety, and other health issues. The startup leverages Neuroacoustic Vagal Modulation technology, which gently stimulates the vagus nerve, the body’s natural relaxation switch. 

The device offers tailored 10-minute sessions aimed at improving sleep, relaxation, mood stabilisation, focus, pain relief, ADHD support, and more. Its discreet, portable design enables seamless integration into daily life. 

Although officially registered in July 2023, InnerGize plans to launch its first-generation product next month. 

The startup claims that its pitch on Shark Tank India has helped it secure 1,300 customers before its official product launch. 

The product is priced at INR 12,400 and is currently available for pre-order at INR 5,000-6,000.

Going forward, the startup has ambitious goals of reaching an annual recurring revenue (ARR) of $10 Mn in the next 18 months. It is also looking to expand its presence beyond India and plans to expand into the Gulf countries and Southeast Asia by the end of the year. Additionally, it aims to submit applications for FDA approval in the second quarter of this year.

India’s Burgeoning Mental Health Market

The development comes at a time when the mental wellness sector is rapidly gaining traction among investors, with several startups entering the market. The space includes names such as Mave Health, Wysa, Shyft (formerly Mindhouse), Sukoon, Trijog, YourDOST, Mitsu, among others, all of which have raised capital in recent years.

LISSUN, which aims to address contemporary mental health issues by offering expert guidance, therapies, and comprehensive solutions for emotional and mental well-being, is another startup in the space that raised $2.5 Mn (around INR 20.7 Cr) in its pre-Series A funding round led by RPSG Capital Ventures last year.

In October 2024, Eternal cofounder and group CEO Deepinder Goyal also announced plans to incubate a health tracking and mental wellness venture. Goyal is also an investor in healthtech startups like Ultrahuman and Pristyn Care. 

Driven by digital health platforms and a rising demand for accessible mental health solutions, India’s mental health market reached $20.2 Bn in 2024 and is expected to grow to a size of $27.4 Bn by 2033, according to an IMARC report.