Mindfulness and meditation startup Headspace has raised $93 million (about Rs 665 crore) in a mix of debt and equity, and which has seen participation from Times Bridge, the global investments and partnership arm of the Times Group, the publisher of The Economic Times.
As part of the investment, Headspace, which claims to have 62 million users, spread across 190 countries, will launch its services in India. The company, however, did not specify a date for its official launch in Asia’s third-largest economy.
Both parties, in an official statement said, “By providing subcontinent-wide market leadership and drawing on the unmatched reach of Times Group assets, Times Bridge’s initiatives will ensure Headspace’s product, partnerships and positioning are optimised for adoption and impact across India.”
“While the scale and diversity of India is widely known, our opportunity to make a significant impact in the ancient home of meditation is unique…We are delighted to partner with Times Bridge and The Times Group to expand Headspace’s reach in the Indian market,” Richard Pierson, chief executive of Headspace, said.
According to multiple reports, apart from Times Bridge, Headspace’s Series C funding round also counts growth-stage investment firm Blisce, which has come on board as a new investor, with participation from Waverly Capital, The Chernin Group, Spectrum Equity and Advancit Capital.
Additionally, Pacific Western Bank has provided $40 million in debt financing to the Los Angeles-based company, which competes with San Francisco-based Calm, which announced an $88 million fund raise, at a billion-dollar valuation, in February last year.
“Times Bridge’s mission is to bring the world’s best ideas to India, and share India’s best insights with the world. Headspace is one of those bold, original trailblazer companies with founders and a wider team sincerely committed to a more mindful world, and to India in particular,” Rishi Jaitly, chief executive of Times Bridge, said in the official statement.
This is the latest investment by Times Bridge, which has previously backed ride-hailing major Uber, hospitality giant Airbnb, online learning platform Coursera and social storytelling platform Wattpad, among others.
The investment firm’s primary mandate is to invest in, and partner with global businesses, with a view to bringing them to India, the world’s second-largest internet market, and which is also one of the largest consumer markets globally.