HealthifyMe, a health and fitness startup, has raised $75 million in a Series C funding round led by US-based LeapFrog and Khosla Ventures. HealthQuad, Unilever Ventures, and Elm (a Saudi Arabia PIF entity) also participated. Existing investors Chiratae Ventures, Inventus Capital, and Sistema Asia also took part in the round.
The latest round brings HealthifyMe’s total capital raised to more than $100 million. The funds will be used to expand in India and Southeast Asia, as well as to make inroads into North America and acquire relevant companies in the digital health and fitness space.
“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 behavior change,” HealthifyMe co-founder and CEO Tushar Vashisht said.
The startup announced that it will invest heavily in its artificial intelligence (AI) powered ‘HealthifySmart Plans,’ as well as hire more senior leaders in operations, marketing, human resources, and technology.
Furthermore, the funds will be used to fund two new initiatives: HealthifyPlus, a condition management offering for customers with chronic medical conditions such as Diabetes, PCOS, Cholesterol, Hypertension, and Thyroid, and HealthifyStudio, a live workout solution developed during the pandemic.
According to the statement, these two new offerings are already accounting for 25% of HealthifyMe’s revenue.
HealthifyMe also intends to invest in its leadership team, hiring for key positions in operations, HR, technology, and marketing, as well as P&L heads.
To help with local expansion, the company plans to open an office and build a team in the Bay Area and Southeast Asia.
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.
In the last year, HealthifyMe’s user base and revenue have more than doubled. It recently surpassed 25 million downloads and is on track to reach USD 50 million ARR within the next six months. Overseas markets such as Malaysia and Singapore account for nearly a quarter of its revenue.
HealthifyMe is a digital health and wellness platform based in India that offers services such as calorie tracking, one-on-one nutrition, and fitness coaching, and diet and workout plans. The app, which is available for both Android and iOS, takes a holistic approach to lifestyle tracking in order to keep users engaged and motivated.