Companies

HealthifyMe Raises $75 Million Series C Round

Our Bureau Bengaluru | Updated on July 20, 2021

HealthifyMe plans to use the funding to enhance the AI-backed HealthifySmart Plans and double the headcount in its engineering and design team

Health and fitness start-up, Healthify.Me has raised $75 Million Series C round led by LeapFrog and Khosla Ventures. Other investors such as HealthQuad, Unilever Ventures, Elm (Saudi Arabia PIF entity), Chiratae Ventures, Inventus Capital and Sistema Asia Capital also participated in the round.

It takes the total capital raised by HealthifyMe to over $100 million till now. The company will use the funds to expand in India, North America and South-east Asia. With this funding, Healthify is also looking at acquiring companies in the digital health and fitness space.

The funding will be used to enhance the AI-backed HealthifySmart Plans and double the headcount in its engineering and design team, among others. HealthifyMe claims to have doubled its user base and revenue in the last one year. The company is reportedly close to touching $50 Million ARR within the next six months.

“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 hire and partnerwith people around the world who are passionate about using technology to drive positive behavior change,” said Tushar Vashisht, co-founder and CEO, HealthifyMe.

While HealthifyMe is headquartered in India, the company’s international presence has contributed to 25 per cent of its revenues. HealthifyMe attributed its growth to coaching subscription plans for weight loss, AI-human hybrid ‘HealthifyCoach’ plans and its AI-only solution ‘HealthifySmart’. The company will use the new funding to double down on these AI-powered offerings.

Besides HealthifySmart, the funds will also be used to strengthen its other offerings HealthifyPlus and HealthifyStudio. These two offerings are said to be already contributing to 25 per cent of HealthifyMe’s top line. The company is evaluating acquiring relevant companies in these fields to boost its expansion plans in India and overseas.

HealthifyMe also intends to open an office and build a team in the Bay Area and in Southeast Asia. It also plans to hire over 1,000 trainers and coaches this year.

“Investing in prevention and treatment of chronic disease and underlying drivers, such as obesity, has long been a focus for LeapFrog’s healthcare team. HealthifyMe has created a powerful intersection between health and technology that can be accessed by 760 million smartphone users from India’s metropolitan cities to small rural towns,” said Biju Mohandas, Partner and Global Co-Leader for Health Investments, LeapFrog.

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.

Published on July 20, 2021

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