HealthifyMe gets $75 million funding for hiring, overseas expansion


Mumbai: HealthifyMe, a health and wellness platform, has raised $75 million in a Series C funding round led by impact investor Leapfrog, leading US-based venture capital investor Vinod Khosla and Elm, Saudi Arabia’s public investment fund.

HealthQuad and Unilever Ventures, along with the company’s existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital, also participated in the round.

This takes HealthifyMe’s total fundraising to over $100 million.

The fresh capital will be used to boost technological capabilities, hiring for senior talent, and expanding into new geographies such as Southeast Asia and North America, a senior official told ET. The startup will use the funds for inorganic growth by way of acquisitions.

“We are looking to hire senior leadership members across operations, marketing, HR and technology,” said Tushar Vashisht, co-founder and chief executive, HealthifyMe.

Founded by Vashisht, Mathew Cherian and Sachin Shenoy in January 2012, HealthifyMe —apart from its eponymous health-and-fitness tracking app—offers coaching subscription plans for weight loss and disease reversal. It is now looking at investing in its new initiatives, such as condition management offering for customers with chronic medical conditions like diabetes, polycystic ovary syndrome, high cholesterol, hypertension and thyroid-related ailments. It will also invest in its live workout solution that was built during the pandemic.

HealthifyMe doubled its user base and revenue in the pandemic year as stay-at-home restrictions boosted business. Its app crossed 25 million downloads recently.

The company is targeting an annual recurring revenue (ARR) of $50 million within the next six months. “We are looking at achieving a $100 million revenue run rate over the next two years,” Vashisht told ET. A quarter of HealthifyMe’s revenue currently comes from overseas markets such as Malaysia, Singapore and North America.

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According to the World Health Organisation (WHO), obesity has doubled since the turn of the century. Almost 40% of all adults globally—that is, two billion people—are overweight or obese, resulting in four million deaths per year.

Through the pandemic, the global market for digital health, weight loss and condition management grew rapidly as consumers continued to care more for their health, manage their chronic conditions and find ways to be in shape from the comfort of their homes. This has created several unicorns in the US, such as Noom, earning hundreds of millions of dollars in revenue.

“Digital health and fitness have leaped forward in pandemic times and this space will see several unicorns in the next two to three years,” said HealthifyMe’s new investor Vinod Khosla, founding partner at Khosla Ventures. “We are excited about the potential as Healthifyme scales globally—specifically in North America, where two out of three adults are overweight or obese.”

In India, HealthifyMe competes with Curefit, Fitterfly, Fittr, Tread, Portl among others.



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