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HealthifyMe gets $75 million funding for hiring, overseas expansion

Mumbai: HealthifyMe, a well being and wellness platform, has raised $75 million in a Collection C funding spherical led by impression investor Leapfrog, main US-based enterprise capital investor Vinod Khosla and Elm, Saudi Arabia’s public funding fund.

HealthQuad and Unilever Ventures, together with the corporate’s present buyers Chiratae Ventures, Inventus Capital and Sistema Asia Capital, additionally participated within the spherical.

This takes HealthifyMe’s complete fundraising to over $100 million.

The recent capital will likely be used to spice up technological capabilities, hiring for senior expertise, and increasing into new geographies corresponding to Southeast Asia and North America, a senior official informed ET. The startup will use the funds for inorganic progress by means of acquisitions.

“We want to rent senior management members throughout operations, advertising, HR and know-how,” stated Tushar Vashisht, co-founder and chief govt, HealthifyMe.

Based by Vashisht, Mathew Cherian and Sachin Shenoy in January 2012, HealthifyMe —other than its eponymous health-and-fitness monitoring app—gives teaching subscription plans for weight reduction and illness reversal. It’s now taking a look at investing in its new initiatives, corresponding to situation administration providing for purchasers with power medical circumstances like diabetes, polycystic ovary syndrome, excessive ldl cholesterol, hypertension and thyroid-related illnesses. It’ll additionally put money into its dwell exercise answer that was constructed through the pandemic.

HealthifyMe doubled its consumer base and income within the pandemic yr as stay-at-home restrictions boosted enterprise. Its app crossed 25 million downloads lately.

The corporate is concentrating on an annual recurring income (ARR) of $50 million inside the subsequent six months. “We’re taking a look at attaining a $100 million income run price over the following two years,” Vashisht informed ET. 1 / 4 of HealthifyMe’s income at the moment comes from abroad markets corresponding to Malaysia, Singapore and North America.

In response to the World Well being Organisation (WHO), weight problems has doubled for the reason that flip of the century. Virtually 40% of all adults globally—that’s, two billion individuals—are obese or overweight, leading to 4 million deaths per yr.

By the pandemic, the worldwide marketplace for digital well being, weight reduction and situation administration grew quickly as customers continued to care extra for his or her well being, handle their power circumstances and discover methods to be in form from the consolation of their properties. This has created a number of unicorns within the US, corresponding to Noom, incomes lots of of hundreds of thousands of {dollars} in income.

“Digital well being and health have leaped ahead in pandemic occasions and this house will see a number of unicorns within the subsequent two to 3 years,” stated HealthifyMe’s new investor Vinod Khosla, founding associate at Khosla Ventures. “We’re excited concerning the potential as Healthifyme scales globally—particularly in North America, the place two out of three adults are obese or overweight.”

In India, HealthifyMe competes with Curefit, Fitterfly, Fittr, Tread, Portl amongst others.

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