Remember the pandemic era when the entire world’s population was forced into the confines of its homes? Well, the past be recalled, during that time governments around the world were battling more than just the dread of the Covid-19 virus, as cases related to depression, mental health and even death by suicides started falling out like skeletons from an old creaking closet.
Unfortunately, over a year after the WHO removed Covid-19 from its Public Health Emergency of International Concern (PHEIC) list, we have learnt little.
Now, what makes us say this is the sheer fact that we, as humans, have become too demanding to outgrow our desires, giving us despair in return. Consequently, we have received a list of health problems, all helmed by long and stressful working hours, pollution of all kinds, poor eating habits, and inactivity.
This daily stress, which comes in all forms, has contributed to a rise in chronic illnesses such as diabetes, infertility, cardiovascular complications, and many other unexpected health problems, eventually taking a toll on our mental health. Imperative to mention that these issues explain not even 1% of the entire mental health crisis among Indians.
According to a 2023 study published in Cureus Journal, the nation is “grappling with a high prevalence of mental health disorders, such as depression, anxiety and bipolar disorder, schizophrenia, and addiction to substances”. The situation becomes even more gruesome when one looks at the suicide rate in the country. Notably, a recent report from the National Crime Records Bureau (NCRB) records 1.71 Lakh deaths by suicide in the year 2022 alone.
Interestingly, healthtech startup Mave Health finds its genesis in the strong desire of its founder, Dhawal Jain, to address mental health issues in the country.
“We incorporated Mave Health in January 2023 after I lost a close friend to depression. She was in therapy and taking antidepressants but to no avail,” cofounder Dhawal Jain told Inc42.
Jain, a BITS Pilani graduate, said that the episode took place in 2021 when he was running Dybo, a company that specialised in providing 3D and AR services to ecommerce platforms for a better shopping experience.
With a heavy heart, a bereaved Jain began reading about mental health issues and its effects. While he was at it, he discovered a significant gap in this area, which was the lack of quick yet effective treatment for individuals facing depression.
Motivated by his entrepreneurial spirit, he partnered with Jai Sharma (a BITS-Pilani alumnus) and Aman Kumar to combat despair and darkness in the lives of many.
How Mave’s Tech Stack Tackles Depression
After initial R&D and examining global technical advancements in curing depression, the founders’ investigation led them to technologies designed to impact brain chemistry for the better. Their research led them to explore non-invasive brain stimulation (NIBS) techniques, particularly transcranial direct current simulation (tDCS).
“We started researching avidly on depression, and that eventually became the reason for us to enter the mental health space,” Jain said.
They based the company’s flagship product, Arc, on an NIBS wearable device designed to treat depression. This tech works by applying weak electrical currents or magnetic fields to specific areas of the brain from outside the head.
These currents or fields can either increase or decrease the activity of brain cells in the targeted area. For example, to treat depression, NIBS helps in boosting activity in parts of the brain that are underactive. By changing brain activity in this way, NIBS improves symptoms of various mental health conditions or neurological disorders.
A specific type of NIBS, transcranial Direct Current Stimulation (tDCS), uses a weak electrical current passed through the brain via two electrodes on the scalp. For depression treatment, tDCS often targets the dorsolateral prefrontal cortex to enhance its typically low activity.
“Depression mostly happens because there is too little activity in your prefrontal cortex. With stimulation, we’re able to reduce that barricade back to the normal level so that neurons can normally function,” Jain explained.
The current is very weak, similar to a 9-volt battery, and most people feel only a slight tingling sensation during treatment. By modulating brain activity, tDCS alleviates symptoms of conditions like depression. Mave’s Arc, a wearable device, does precisely this.
As of now, the company imports the devices from a Denmark-based tDCS manufacturer. Since these devices are costly, the company imports them as per its requirements.
Mave Health’s Days Of Incognito Mode
After tying up with the tDCS manufacturer, the company began operations in September 2023 in stealth mode. During this time, the startup began experimenting with the devices by partnering with numerous psychiatrists and health consultants, primarily in Bengaluru.
While Jain thought that the startup would attract younger patients, he was surprised to see the adoption of the tech among the older generation. Another shocker for him came when even a farmer in an area neighbouring Bengaluru urged his tech’s intervention.
The startup founder said the team, in the pilot phase itself, was able to witness 88% improvement in their depression scores over 12 weeks, with 72% achieving remission (or overcoming depression). Furthermore, 65% of users reported enhancements in mood and cognitive function within the initial 21 days.
According to the cofounder, the tech has emerged as the answer to the traditional antidepressant medications, which often work by altering neurotransmitter levels in the brain and come with a range of side effects.
How Does Mave Operate?
Currently, the startup operates on a cohort-based system, with new groups starting a 12-week programme each month. It charges one patient INR 20,000 for a three-month programme. This structure allows for close monitoring of progress and iterative improvements to the treatment protocol.
“We only onboard 25-30 people every month so that we can focus on everyone’s experience and provide an outcome. Ours is a hyper-personalised offering with a high touch model,” the cofounder elaborated.
Upon enrolling, patients, whom the startup dubs ‘Mavericks’, receive the tDCS devices for the duration of the programme. The use of the devices is administered under expert guidance. Besides access to NIBS, the programme includes unlimited sessions with a range of experts, including doctors, psychologists, nutritionists, and fitness coaches. Psychiatric consultations are also part of the package, ensuring participants have access to personal medical care when needed.
So far, the company has only enrolled one batch of Mavericks. Moving forward, they plan on introducing new cohorts on a regular, monthly basis.
What’s Ahead For Mave?
As of now, the company continues to import the tech from the Danish manufacturer. This acts as an inhibitor to its growth, as the import duties and the overall cost act as an impediment to its growth.
To fuel its growth path, the startup raised a pre-seed funding round of INR 6 Cr from multiple investors in April. Some of Mave’s key investors include Zomato’s founder Deepinder Goyal, CRED’s Kunal Shah, and venture capitalist firms All In Capital and Bharat Founders Fund.
With this backing, the startup is currently working on reducing its dependencies on offshore manufacturers. The company is in the process of developing its own wearable device, which is expected to launch by early next year.
“The move towards in-house technology development is crucial for several reasons for Mave. It will allow us to customise the device to better suit Indians, potentially reduce costs, and navigate the complex regulatory landscape for health-related tech products in India,” he said,
In terms of revenues, the company has yet to file a financial statement. However, giving a ballpark number, the cofounder said that they were currently doing somewhere around INR 5 Lakh to INR 6 Lakh a month from the Maverick cohorts. Meanwhile, Jain said that most of Mave’s customers either come through the organic content that his team creates on multiple platforms or through referrals.
This allows the startup to minimise its advertising and promotion expenses. However, with the recent capital infusion, Jain will have enough headroom to bolster his digital advertising strategy.
Besides, the company is also working to establish partnerships with psychologists, hospitals, and private clinics to expand its presence across India.
“The goal for FY25 is to hit $1 Mn in internal rate of return. Post this, we are planning to scale our revenues to $10 Mn in the upcoming fiscal. However, our focus isn’t only restricted to improving our finances. We’re more focussed on increasing the effectiveness of our treatment,” Jain said.
Currently, Jain, along with his team, seems to be on the right path, as he is looking to manufacture the tech in-house rather than depending on imported machines and tech. This will help the Mave cofounders to keep their tech costs at bay, all while bolstering other imperative divisions such as marketing and R&D.
Besides this, the Mave founders have stepped into the mental health sector at a time when India has become a hotbed of depression cases, especially due to the challenges in the quality of life in the country.
According to the National Mental Health Survey 2015-16, nearly 15% of Indian adults need active intervention for one or more mental health issues and one in 20 Indians suffers from depression. It is estimated that in 2012, India had over 2.5 Lakh+ suicides, with the age group of 15-49 years being most affected. It must be noted that the findings of the second phase of the National Mental Health Survey (NMHS-2) have yet to be made public.
Overall, Mave Health operates in the Indian mental health market anticipated to grow at a CAGR of 1.08% to $1.19 Bn in 2028 from $1.14 Bn in 2024.
[Edited by: Shishir Prasher]
