HealthifyMe raises $75 mn to deepen international focus2 min read . Updated: 21 Jul 2021, 12:01 AM IST
- HealthifyMe will use the proceeds from the current round to make inroads into North America, while setting up an office in the US
Health and fitness startup HealthifyMe on Tuesday said it has raised $75 million as a part of its Series C fund-raising round led by LeapFrog and Khosla Ventures.
HealthQuad, Unilever Ventures and Saudi Arabia’s public investment fund Elm also participated in the round, along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital.
With this, the total investments raised by the company has reached $100 million.
HealthifyMe will use the proceeds from the current round to set up an office in the US and make inroads into North America. It also plans to deepen its focus and target local demographics in 12 countries, where it already has a presence.
Currently, it has an international customer base in the Southeast Asian countries of Singapore, Malaysia and Indonesia; Saudi Arabia and the UAE in West Asia; as well as in the UK and Australia.
With regards to its global expansion, the Bengaluru-based startup will hire 1,000 trainers across these geographies, and an additional 25 individuals to support its international operations. This includes local business executives in these geographies.
“The funding will hold us in good stead for our international plans as we look to launch our HealthifyCoach, HealthifySmart and HealthifyStudio offerings in the US over the next six months. Our users in international geographies are largely Indian expats, and we now want to target local demographics to deepen our presence in these markets," Tushar Vashisht, co-founder and CEO, said in an interview.
The company has almost 25 million users and aims to reach 40 million customers by the end of FY22. The company also expects to become a unicorn over the next 18 months.
HealthifyMe claims it is on track to hit $50 million in annual revenue run rate within the next six months. At present, close to 25% of the platform’s revenue comes from international markets.
“Digital health and fitness have 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. We are excited about the potential as they scale globally, specifically in North America, where two out of three adults are overweight or obese," said Vinod Khosla, founding partner at Khosla Ventures.
HealthifyMe is also actively scouting for acquisitions to improve its AI platform.
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