Mindhouse, a Gurgaon-based wellness platform, has secured a $6 million seed round backed by Binny Bansal. The round also featured participation from Better Capital, General Catalyst, Kwaish Capital, Anicut Capital alongside the company’s founders – Pooja Khanna and Pankaj Chaddah.
The angel investors participating in the round include Ritesh Malik of Innov8, Rohit MA of Cloudnine, and Karan Singh & Sri Rajan of Bain & Co. Mindhouse plans to use the proceeds to build a strong workforce, invest in its technology platform.
The startup further stated that it plans to leverage a portion of the freshly raised funds to strengthen its global market share, and, most importantly, make a difference in the lives of its customers.
The company intends to focus on a rebranding strategy by early 2022 in an effort to increase its curative wellness coverage. The brand began with a specific focus on mental well-being but has now expanded to accommodate a wider variety of wellness.
Currently, the company provides a variety of wellness services to patients who are dealing with health issues or chronic illnesses that require considerable lifestyle changes. Its app and platform provide engaging classes, personal coaching sessions, and DIY workshops focused on addressing chronic diseases such as diabetes, thyroid, hypertension, back pain, among others, alongside women’s related health issues (PCOS, prenatal and postnatal care), mental health issues, including everyday wellness.
Flipkart co-founder Binny Bansal, commenting on his investment said, “I have loved the approach Mindhouse has taken towards wellness and strongly believe in the experience Pooja and Pankaj carry. I’m very excited to be a part of this.”
Mindhouse, which was founded in late 2019 by Pooja Khanna, a former Zomato Chief of Staff, and Pankaj Chaddah, the Zomato co-founder, offers yoga and nutrition programs tailored to specific health issues and targets English-speaking customers all around the world. India, on the other hand, accounts for 75 percent of its revenue.
India’s wellness industry, over the last few years, has been growing significantly. According to FICCI, the industry is worth Rs 490 billion. The sharp rise in disposable income and the participation of private-sector investors have fueled growth.
Reports suggest that the overall market capitalization of India’s healthcare sector is predicted to reach $202 billion, an increase of 84 percent up from the $110 billion market size in 2016. The worldwide yoga business is worth more than $88 billion and is expected to exceed $215 billion by 2025, rising at a CAGR of 11.7 percent; this reflects an immense market for yoga-based wellness firms to tap into.