LeapFrog, Khosla Ventures lead Series C funding in HealthifyMe

Benagluru-based health and fitness platform HealthifyMe has raised $75 million (around Rs 560 crore) in a Series C 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, the company said in a statement. 

The round takes the total capital raised by HealthifyMe to over $100 million till date.  

The company will use the funds to expand in India and Southeast Asia, make inroads into North America, as well as to acquire relevant companies in the digital health and fitness space, the statement added. 

It will also be investing heavily behind its AI powered HealthifySmart Plans and intends to double its current engineering and design strength.  

Hiring senior leadership members across operations, marketing, HR and technology is also in the cards. It intends to hire over 1,000 trainers and coaches this year itself.  

HealthifyMe, which is owned and operated by Caeruz Ventures, was founded in 2012 by Tushar Vashsisht and Sachin Shenoy. It is a mobile health and fitness app that combines technology with human services to deliver measurable impact.  

The company focuses on weight loss as an end goal with a target group of people in their thirties or forties.  

HealthifyMe claims to be serving to more than 25 million users in 300 plus cities with over 1,500 coaches. The company has over 250 employees, with a physical presence in Bengaluru, Kuala Lumpur and Singapore. 

Recently, HealthifyMe crossed 25 million downloads and is on track to hit $50 million ARR (annual recurring revenue) within the next six months, it said. 

Buoyed by the tailwinds from the pandemic, the company is eyeing a $100 million revenue run rate in two years.  

“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 behaviour change,” Tushar Vashisht, co-founder and CEO of HealthifyMe, said. 

“Digital health & fitness has leaped forward in the pandemic times and this space will see several unicorns in the next 2-3 years. I have been tracking HealthifyMe for a few years now. 

What they have achieved in India with their AI coaching solution at scale is truly pioneering for the world. 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.  

Earlier this month, HealthifyMe acqui-hired the team behind Under45 -- a platform providing vaccine slot alerts on Telegram. 

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