Mindhouse, looks at a $10 billion mental wellness opportunity
Zomato co-founder Pankaj Chaddah and ex-Zomato Chief of Staff Pooja Khanna, officially announced their entrepreneurial venture, Mindhouse. Mindhouse is a mental wellness service that offers a variety of guided meditation sessions and techniques.
The classes are led by a team of instructors and conducted in a modern, interactive format on the Mindhouse app. They also offer yoga classes, delivered in the same format, as well as proprietary pre-recorded audio and video content.
The Mindhouse app provides meditation and yoga content in the form of live classes and a vast library of modules that can be consumed anytime by the user.
Built for beginners and advanced meditators alike, the app recommends content based on the user’s selected goals from sleep, patience, focus, relaxed mind and relaxed body, and their past experience in meditation. The app is available on Android and IoS.
Pooja Khanna, Co-founder, Mindhouse, said, “Online and offline channels will both help fuel this growth. Countries like the US have now reached similar penetration of Meditation as Yoga, and India will get there very quickly.”
The team, with its global experience behind them, also has an eye on the international market – “Globally, meditation is closely associated with India, and we think a great product from India can do exceptionally outside as well”.
Referring to the current situation, Pankaj Chaddah, Co-founder, Mindhouse, added, “Mental health has come to the forefront with the ongoing Covid-19 crisis, and space has seen a huge surge in demand.
While numerous other entities are offering solutions in conjunction with broader healthcare programs, there is a very clear need for a more singular, dedicated approach to mental wellness, which is what Mindhouse is focused on.”
With a strong focus on professionals, Mindhouse has worked with more than 500 companies during the lockdown to provide access to their employees.
The early feedback has been very heartening for the team, as more than 85% of the feedback from users indicates a positive impact of meditating with Mindhouse.
Mindhouse launched its services in December 2019 with physical meditation studios. Within the first few days of the lockdown, they made a quick shift to the online model and accelerated efforts to scale up the digital services.
With strong learnings from running the physical business, the team is very excited about creating a world-class digital product.
According to recent ASSOCHAM and Optum surveys, up to 50% of corporate employees feel stressed, and as per the NIMHANS study, 5% of the urban metro population suffers from a stress-related disorder.
With kids and the elderly population included, the Mindhouse team expects 70 – 90 Million urban Indians to inculcate meditation into their wellness routine and sees consumer spending on meditation surge to an annual $10 Bn in the country in the next few years.
NOTE: The above is from a press release. Infodea.in takes no responsibility in the facts and figures mentioned.