Bengaluru-based fitness startup HealthifyMe has raised funding of $12 million from Sistema Asia Fund, Samsung NEXT and others.
The Series B funding also saw participation from Atlas Asset Management, Dream Incubator, in addition to existing investors such as IDG Ventures, Inventus Capital, Blume Ventures and NB Ventures.
With this funding, Samsung NEXT made its first investment in India. The company has previously invested in Silicon Valley-based companies.
Since its inception, HealthifyMe has raised a total funding of around $19 Million.
The fresh funding will be used to strengthen its AI-based platform and expand India offerings. It will also add other products like health food, diagnostics, and insurance to the platform.
The startup also plans to enter other emerging markets like Japan in near future.
Founded by Tushar Vashisht, Sachin Shenoy and Mathew Cherian in 2012, HealthifyMe is an application-based health and wellness startup that helps people to lose weight through its healthcare programme. It uses a combination of software, wearable devices and fitness trainers to help people reach their fitness goals.
The platform currently has 4 million users, with operations in more than 200 cities. It also runs a blog in the name of ‘HealthifyMeMeter, where interesting health-related stories are published.
The company claims one-fourth of its revenue comes from the Middle East and South East Asia market.
It competes with Curefit, Grow Fit, Stratfit, Growfitter, MobieFit and Fitnapp amongst others.
Fitness start-ups have become the apple of VCs’ eye and are making a lot of activity.
According to a report by FICCI (Federation of Indian Chambers of Commerce and Industry), the Indian wellness industry is expected to grow at a compounded annual growth rate (CAGR) of 12 per cent for the next five years to achieve a Rs 1,50,000 crore turnover by 2019-20.
The funding news was first reported by The Times of India.