HealthifyMe raises $75 million from US-based investors to make inroads into North America
Jul 20, 2021, 17:24 IST
Leading AI health and fitness app HealthifyMe on Tuesday announced it has raised $75 million (nearly Rs 560 crore) in a Series C round led by LeapFrog and Khosla Ventures.
The company, which has raised over the total capital raised by HealthifyMe to over $100 million till now, said in a statement that it will use the funds to expand in India and Southeast Asia, make inroads into North America as well as to acquire relevant companies in the digital health and fitness space.
It will also be investing heavily behind its AI powered HealthifySmart Plans and intends to double its current engineering and design strength. It will furthermore be hiring senior leadership members across operations, marketing, HR and technology.
HealthQuad, Unilever Ventures, and Elm (Saudi Arabia PIF entity) also participated in the round, along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital.
HealthifyMe said it has doubled its user base and revenue in the last one year during the pandemic.
It crossed 25 million downloads recently and is on track to hit $50 million ARR (annual recurring revenue) within the next six months, potentially becoming the largest health and fitness app outside the US and China.
While HealthifyMe's base has been India, it has been expanding internationally and now nearly 25 per cent of its revenues come from outside the country like Malaysia and Singapore.
"What they have achieved in India with their AI coaching solution at scale is truly pioneering for the world. We are excited about the potential as they scale globally -- specifically in North America, where 2 out 3 adults are overweight or obese," said Vinod Khosla, Founding Partner at Khosla Ventures.
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.
SEE ALSO -
Apple could finally bring the always-on display feature on the iPhone 13
G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700
Advertisement
The company, which has raised over the total capital raised by HealthifyMe to over $100 million till now, said in a statement that it will use the funds to expand in India and Southeast Asia, make inroads into North America as well as to acquire relevant companies in the digital health and fitness space.
It will also be investing heavily behind its AI powered HealthifySmart Plans and intends to double its current engineering and design strength. It will furthermore be hiring senior leadership members across operations, marketing, HR and technology.
Complimentary Tech Event
Transform talent with learning that works
Capability development is critical for businesses who want to push the envelope of innovation.Discover how business leaders are strategizing around building talent capabilities and empowering employee transformation.Know More
HealthQuad, Unilever Ventures, and Elm (Saudi Arabia PIF entity) also participated in the round, along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital.
Advertisement
It crossed 25 million downloads recently and is on track to hit $50 million ARR (annual recurring revenue) within the next six months, potentially becoming the largest health and fitness app outside the US and China.
While HealthifyMe's base has been India, it has been expanding internationally and now nearly 25 per cent of its revenues come from outside the country like Malaysia and Singapore.
"What they have achieved in India with their AI coaching solution at scale is truly pioneering for the world. We are excited about the potential as they scale globally -- specifically in North America, where 2 out 3 adults are overweight or obese," said Vinod Khosla, Founding Partner at Khosla Ventures.
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.
Advertisement
The company aims to hire over 1,000 trainers and coaches this year.SEE ALSO -
Apple could finally bring the always-on display feature on the iPhone 13
G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700