Evolve raises INR 2.5 Crore led by Indian Angel Network
With over 600,000 users, Evolve is building the world’s most inclusive mental health app that currently focuses on the needs of the LGBTQ+ community
Evolve, a mental health start-up today announced that they have successfully raised a follow on funding round of INR 2.5 Crore. The round was led by Indian Angel Network along with participation from Rajesh Ranavat (Exec Director – Fung Strategic Holdings) and other strategic angels. The startup had previously raised an INR 3 Crore Pre-Seed round in July 2022. Prominent IAN investor Niraj Saran led the funding round on behalf of Indian Angel Network and will join the company board post the investment.
Co-founded by Anshul Kamath and Rohan Arora in 2020, Evolve has over 600,000 users globally and was awarded the Best App for Personal Growth in 2021 by Google Play. Along with its proprietary UI/UX and interventions, Evolve is set apart by its commitment to inclusivity, with a specific focus on the LGBTQIA+ community, a segment historically underserved in the mental health landscape.
Over the last year, the team has spent a considerable amount of time working with queer affirmative therapists, members of the community as well as professors carrying out research in this space to truly understand the needs of the community. Evolve’s approach is grounded in the three Cs: Content, Community, and Coaching. The app is designed to cater to different audiences through curated content along with support groups and connecting users with qualified coaches. Evolve is also actively experimenting with features incorporating Generative AI to offer personalised interventions at scale. The company plans to use the funds raised to deepen their offerings on the app and expand their business offerings to Diversity, Equity and Inclusion (DEI) initiatives within corporates.
Evolve’s Founder Anshul Kamath commented: “Over the last year, we’ve been able to build a vibrant, inclusive community where individuals find not just support but a true sense of belonging. We’re thrilled about this next phase of growth and excited to welcome a new set of investors who share our passion for making mental health care personalized, affordable and inclusive.”
Padmaja Ruparel, Co-Founder at IAN, said, “Anshul Kamath and Rohan Arora’s commitment to transforming mental health, particularly for the LGBTQ+ community, aligns seamlessly with our vision for impactful investments. With a global user base of over 600,000, Evolve’s innovative approach positions them as pioneers in mental health. This investment signifies a collective commitment to addressing a crucial gap in mental health care, setting a benchmark for future ventures. Recognizing the strategic importance, we anticipate this funding will enable Evolve to deepen offerings and extend influence to Diversity, Equity, and Inclusion initiatives. We’re excited to be part of this transformative journey and anticipate positive change in the mental health space.”
Niraj Saran, the Lead investor and a Silicon Valley based Technology and Business Leader, said, “Over the past year, it has been exciting to see the tremendous traction and impact that Anshul and Rohan have achieved in improving mental health outcomes in the LGBTQ+ community. Their unique approach of curated content, community and use of state of the art technology is helping to effectively address this huge unmet need in a scalable manner. I’m looking forward to being an active ally and supporting Evolve along their journey in truly making a difference.”
About IAN Group:
IAN Group is the country’s single largest platform for seed and early stage investment platform with IAN Angel Group, BioAngels and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores from quality investors who provide funds, mentoring and global market access. The platform brings money, mentoring from successful entrepreneurs and dynamic CEOs. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of iconic business and economic events of Independent India, over 75 years along with LIC, NASSCOM, RBI, Naukri.com amongst others.