AI health and fitness app HealthifyMe has announced ESOP and Equity Buyback Program worth Rs 90 crore ($12 million) to provide liquidity to approximately 100 of its key team members as part of their employee retention program. Angel investors like TVS Capital Funds MD Gopal Srinivasan and Micromax will receive up to 15 times returns on their investment.
The company has more than 250 employees and has a physical presence in Bangalore, Kuala Lumpur and Singapore. This development comes on the back of the company’s recent fund raising round wherein it raised $50 million from investors like LeapFrog and Khosla Ventures. “As part of our employee retention program, we are excited to provide liquidity to our teammates who have worked tirelessly through the years shaping our vision to reality. I am sure we will continue to do more of this in years to come as well,” CEO and co-founder of HealthifyMe Tushar Vashisht said.
The health and fitness app raised $75 million in a Series C round led by investors like LeapFrog and Khosla Ventures for deepening its presence in India and Southeast Asia and expanding into North America. HealthifyMe crossed 25 million downloads and is set to reach $50 million annual recurring revenue (ARR) in the next 6 months. 25 per cent of HealthifyMe’s revenues come from outside India.
HealthifyMe is also India and Southeast Asia’s largest digital wellness platform catering to over 25 million users in over 100 cities with over 1,500 coaches.
Edited by Mehak Agarwal
Copyright©2021 Living Media India Limited. For reprint rights: Syndications Today