HealthifyMe bags $75 Mn in Series C led by LeapFrog and Khosla Ventures

Health and fitness company HealthifyMe has raised $75 million in its Series C funding round led by LeapFrog and Khosla Ventures. 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. 

This takes the total capital raised by HealthifyMe to over $100 million to date. The Bengaluru-based firm had closed its $18 million Series B round in November 2018.

HealthifyMe will use the funds to expand in India and Southeast Asia, North America, as well as to acquire relevant companies in the digital health and fitness space, said the company in a statement. The company will also beef up leadership across several departments.

HealthifyMe did not disclose its valuation, however, sources aware of the deal estimate it in the range of $500-600 million (post-money).

Launched by Tushar Vashisht, Sachin Shenoy and Mathew Cherian in 2012, HealthifyMe uses a combination of software, wearable devices, and fitness trainers to help people reach their fitness goals. It claims to be used by over 25 million users and has 1,500 coaches across India and Southeast Asia. 

To drive engagement during the coronavirus pandemic, the company also launched HealthifyStudio last year which offers live group workout sessions. HealthifyMe majorly competes with Tata Digital-owned CureFit and GOQii whereas streaming platforms such as Disney+ Hotstar and YouTubers are its indirect competition.

HealthifyMe marks one of the most significant investments in India for Khosla Ventures which has over $5 billion assets under management or AUM. While HealthifyMe is a growth-stage startup, the Menlo Park-based investor had recently led a $5.2 million round in Hyderabad-based Good Health Clinic. 

Meanwhile, the Vinod Khosla-led firm is all set to back another startup Even in the healthcare space. Entrackr had exclusively reported about the Even’s new round.