From a business point of view, addressing issues related to mental health and providing mental wellbeing is really picking up pace today. Here are few reasons why you should invest in mental health sector.
You may ignore it but mental health problems are here to stay. With a world that is working hard to provide for their family or simply to support themselves in all their endeavors, it may be easy to ignore but it is better not to. Much like the saying, a healthy mind equals to a healthy life, ignoring the soft calling of depression is not something that will go away eventually. You need to analyze the problem if you wish to get rid of it.
Mental health can be defined in according to the level of psychological well-being of a person that can be judged by the dearth of mental illness, in them. It is the combination of the psychological state of someone in a person that works in symphony to their emotional and behavioral level. Off late India has woken up to the benefits of good health. Not only to the benefit of availing a mental health physician, but also financial benefits of the funding.
Assets, interest rates and returns as well as cost-benefit ratios might be the most common terms in the business world, but they are not a part of the everyday life of the common man. They are also most certainly not a part of the day to day diction of the language related to the mental health community. Induction of a mental health business is a highly rewarding experience, but to make it a raging success, you need to have the tenacity necessary to make it big.
Mental health industry today amounts to $1 trillion a year in the global economy. In recent times, entrepreneurs and investors have started seeing its commercial value as well if presented with the opportunity to do things well. Numbers show that around 57 million Indians are affected by depression and some 36% of them are in all likelihood suffering from a mental ailment of some sort but are choosing to ignore it. But the recent times have witnessed the rise in the investments as well as the start-ups in the mental health sectors that have already seen grossing the big moolah.
Here are a few start-ups of mental health earning the big moolah’s
Founded by psychiatrists Amit Malik and Shefali Batra, the company is bridging the gap between people and therapy by using online consultation platforms like live chats and phone calls. It comprises a team of 18 full-time team members. Healthcare professionals, in-house therapists, software developers, tech team, etc. are all the important members of the team InnerHour. In the year 2017 alone, the company boasts of 6,000 users in general. The Batlivala and Karani Securities,as well as Venture Works, are one of the company’s primary investors. The company has raised a total of $450,000 till date.
Founded by IIT graduate, Richa Singh, the company is a platform of emotional wellness that connects individuals to the likes of psychiatrists, life coaches, and psychologists. Since their inception in the year 2014, the company has raised about $400,000 through angel investorslike Redbus Founder, TaxiForSure Founder, Capillary Founder, Seedfund, and NuVentures. While another significant funding was provided to them in the year 2016 SAIF Partners providing them a total relief fund of $1.2 million.
Established by Jo Aggarwal and Ramayana Vempati, the company is an AI (artificial intelligence) enabled chatbot of mental health. The company uses the evidence-based techniques of Cognitive Behavioural Therapy to diagnose the wellness level of their patients. Among the list of mental and behavioral variables presented in the mental health cases, Wysa provides support to anxiety, diabetes,smoking cessation, disability aims and support by reducing the healthcare cost with the help of technology that improves the lifestyle people daily. Earlier in the year, the company asked for and receivedanendowment of $1.3 million from investment firms Kae Capital and other Angel Investors.
Funding or the investment received by mental health sector is important not only for their own well being but also for the investor as the revenue collected is on a steady increase of 13% a year. It is a secure venture which would not only profit the investor and the society as a whole.