LeapFrog Investments, Khosla Ventures, a Finnish development financier, and Van Lanschot Kempen, a Dutch investment firm, led a $30 million pre-Series D funding round for the health and fitness company HealthifyMe.
Existing investors HealthQuad, Unilever Ventures, Chiratae Ventures, and Blume Ventures took part in the round, which also included some debt. According to a press release from the company, the investment will be put to use expanding the company’s global reach, hiring new employees, and enhancing its AI capabilities.
In July 2021, LeapFrog and Khosla Ventures led a $75 million Series C funding round for the Bengaluru-based business. To date, the company has raised $130 million.
HealthifyMe, a company founded by Tushar Vashisht, Sachin Shenoy, and Mathew Cherian, uses software, wearable technology, and fitness trainers to help people achieve their fitness objectives. More than 1,000 coaches are available to help its 35 million users across India and Southeast Asia, according to the company.
In a few months, according to HealthifyMe, it will reach $50 million in annual recurring revenue (ARR). The business is also working on AI solutions that will enable its nutritionists to coach clients across multiple countries. It states that 20% of its current sales come from foreign markets.
The Indian division of the group reported Rs 185.25 crore in revenue in FY22, a 2.15X increase from Rs 86.05 crore in FY21, even though the company did not disclose its most recent financials. Compared to the same period last year (FY21), its losses increased by 8.26X, to Rs 157 crore.
While streaming services like Disney+ Hotstar and YouTubers are its indirect rivals, HealthifyMe directly competes with GOQii and Tata Digital-owned Cure.fit. Disney+ Hotstar and Brilliant Wellness, Cure.fit, and Sarva formed a strategic partnership in June 2020 to provide subscribers with access to international health and wellness content.
