Health and fitness company HealthifyMe has raised $30 million in a pre Series D funding round led by LeapFrog Investments and Khosla Ventures along with FinnFund, a Finnish development financier and Van Lanschot Kempen, a Dutch investment firm.
Existing investors Unilever Ventures, Chiratae Ventures, Blume Ventures and HealthQuad also participated in the round which included some debt as well. The investment will be used towards advancing the company’s AI capabilities, hiring, and propelling global expansion, the company said in a press release.
The Bengaluru-based company had raised $75 million in a Series C funding round led by LeapFrog and Khosla Ventures in July 2021. The company has raised $130 million to date.
Launched by Tushar Vashisht, Sachin Shenoy and Mathew Cherian, 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 35 million users and has more than 1,000 coaches across India and Southeast Asia to support these users.
HealthifyMe said that it will achieve $50 million in annual recurring revenue (ARR) in a few months. The company is also working on developing AI solutions that will facilitate multi-country coaching capabilities for its nutritionists. Currently, it claims to have 20% revenues from international markets.
While the firm did not disclose its latest financials, the Indian entity of the group posted Rs 185.25 crore revenue in FY22, a 2.15X jump from Rs 86.05 crore in FY21. During the period, its losses jumped 8.26X to Rs 157 crore from Rs 19 crore in the preceding financial year (FY21).
HealthifyMe competes with GOQii, Tata Digital-owned Cure.fit while streaming platforms such as Disney+ Hotstar and YouTubers are its indirect competitors. In June 2020, Disney+ Hotstar entered into a strategic alliance with Brilliant Wellness, Cure.fit and Sarva to offer global health and wellness content to its subscribers.
