Ex-Lazada exec’s mental health app nets $555k funding

Heyy, a Singapore-headquartered mental healthcare app, has raised US$555,000 in a pre-seed round of funding led by Wavemaker Partners.

Monk’s Hill Ventures also participated in the round, as well as Sheroes founder Sairee Chahal, Sirona founder Deep Bajaj, and HealthifyMe executive Anjan Bhojarajan, among others.

Heyy founder Ankit Malhotra / Photo credit: Heyy

Founded in 2021 by former Lazada and Flipkart executive Ankit Malhotra, the Heyy app gives users access to self-assessments, bite-sized and research-backed resources on mental well-being called Lifebuoys, as well as trained psychologists and experts for intensive therapy needs.

The app also connects users with Helpers, a ground network of trained individuals who provide mental health first aid 24/7. These Helpers engage with aid-seekers as many times as required before recommending expert guidance.

“Our Helpers create an anonymous, confidential, and safe space for users to open up and talk about their deeply personal issues. This has helped thousands reach out and seek help already,” said Malhotra.

The founder shared with Tech in Asia that there was a time in his career when nothing seemed to be working out. The professional phase had a direct impact on his personal life as well.

“Looking back, it was perhaps these years that shaped my understanding or need to have accessible support systems in organizations for employees. If I had Heyy then, I would have had a guide who could have helped,” he said.

The startup provides both B2B and B2C services. It has a renewal rate of 100% and 40% in the enterprise and consumer segments, respectively. According to the startup, between 10% and 14% of employees start using the app in the first month after being introduced in their workplaces, which is much higher than the 1% to 2% adoption seen for traditional wellness programs offered by companies.

While the first target market for Heyy is India, the company also sees a big opportunity in Southeast Asia. The startup’s clients include Sheroes, Wobot.ai, and GoDesi in India, as well as Brick and R-Fitness in Southeast Asia.

See also: Mental health startups reach tipping point in SEA

“The mental health issues that plague India are similar for Southeast Asia as well – taboo, stigma, very low base of psychiatrists and therapists. We see a lot of companies in India and Singapore expanding outside of their home base, and these organizations would want to extend credible mental health care to their employees,” said Malhotra.