Mindeye Solutions Pvt. Ltd, which runs mental and emotional healthcare Lissun, on Wednesday said it has secured pre-seed funding of $1 million (around Rs 7.9 crore) led by IvyCap Ventures, with participation from We Founder Circle and Supermorpheous.
The round also saw participation from angel investors including Gaurav Munjal (Unacademy), Harsh Jain (Groww), Sandeep Aggarwal (Droom and ShopClues) and Pavan Vaish (IBM Daksh and ex-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 full-stack solutions. At present, the startup has a presence in 17 cities and looks 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 in all aspects of the brand with the right mentorship from the investors, we will be able to accelerate our pace towards achieving our ambition of solving mental health at scale in India and beyond,” said Singh.
“The B2H2C approach that Lissun has taken allows the brand to reach its customers efficiently. It serves the mental health space proactively by associating with healthcare partners and medical practitioners from across the field and reaching the unaware," said Vikram Gupta, founder and managing partner, 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. Currently, IvyCap has over 65 core mentors with an additional 5000 alumni in its inner circle of support. With every exit, the mentor trust receives a payout.
In February, VCCircle reported that IvyCap Ventures had marked the first close of its third fund at Rs 1,608 crore. IvyCap's first fund of Rs 240 crore was launched in 2014 and it made 10 investments. Its second fund of Rs 535 crore was launched in 2020 and it made 23 bets.
Not much investments have been witnessed 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.
