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HealthifyMe raises $75 mn in funding from LeapFrog, Khosla Ventures, others

·2-min read

New Delhi, Jul 20 (PTI) Health-tech startup HealthifyMe on Tuesday said it has raised USD 75 million (about Rs 559.6 crore) in funding led by LeapFrog and Khosla Ventures.

HealthQuad, Unilever Ventures, and Elm (Saudi Arabia PIF entity) also participated in the Series C round along with existing investors, Chiratae Ventures, Inventus Capital and Sistema Asia Capital, a statement said.

The latest round takes the total capital raised by HealthifyMe to over USD 100 million till now, it added.

“With our Series C, we are excited to take our offerings global - North America being a key part of the plan - and we are looking forward to hiring and partnering with people around the world who are passionate about using technology to drive positive behaviour change,” HealthifyMe co-founder and CEO Tushar Vashisht said.

HealthifyMe will use the funds to expand in India and Southeast Asia as well as to acquire relevant companies in the digital health and fitness space. It will also invest heavily in its artificial intelligence-powered HealthifySmart Plans and intends to double its current engineering and design strength.

HealthifyMe has doubled its user base and revenue in the last one year. It crossed 25 million downloads recently and is on track to hit USD 50 million ARR within the next six months. Nearly 25 per cent of its revenues come from overseas markets like Malaysia and Singapore.

The company said besides HealthifySmart, the funds will also be used to invest in two other initiatives - HealthifyPlus and HealthifyStudio. These two new offerings are already contributing to 25 per cent of HealthifyMe's topline, the statement said.

HealthifyPlus is a condition management offering for customers with chronic medical conditions like diabetes, PCOS, cholesterol, hypertension and thyroid, while HealthifyStudio is a live workout solution.

The company is also evaluating acquiring relevant companies in these fields to supercharge its expansion plans in India and overseas.

HealthifyMe is also planning to invest in building its leadership team and will hire for key positions across operations, HR, technology and marketing as well as P&L heads. The company intends to open an office and build a team in the Bay Area and in Southeast Asia to help expand further locally.

The company will double the size of its engineering and design teams and intends to leverage the talent available in India and in the US. It also intends to hire over 1,000 trainers and coaches this year, the statement said.

“Digital health and fitness have leaped forward in the pandemic times and this space will see several unicorns in the next 2-3 years...We are excited about the potential as they scale globally - specifically in North America, where 2 out 3 adults are overweight or obese,' Vinod Khosla, Founding Partner at Khosla Ventures, said. PTI SR BAL

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