Health and fitness startup HealthifyMe has raised $75 million in a Series C funding round led by private investment firm LeapFrog and US-based Khosla Ventures.
Healthcare venture capital fund HealthQuad, Unilever's venture capital and private equity arm Unilever Ventures, and Saudi Arabia's PIF entity Elm also participated in the funding round, along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital.
With the latest funding round, the total capital raised by the startup has crossed $100-million mark.
"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," HealthifyMe said in a release.
The startup said it will invest heavily in its artificial intelligence (AI) powered 'HealthifySmart Plans', and will also hire more senior leadership members across operations, marketing, HR and technology.
The funds will also be used to invest in two new initiatives -- HealthifyPlus, a condition management offering for customers with chronic medical conditions like Diabetes, PCOS, Cholesterol, Hypertension, Thyroid, and HealthifyStudio, a live workout solution that was built during the pandemic.
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HealthifyMe plans to open an office and build a team in the Bay Area and in Southeast Asia to help expand further locally. It will also double the size of its engineering and design teams. Besides, it plans to hire over 1,000 trainers and coaches this year itself.
The company claims to be the largest digital wellness platform in India and Southeast Asia, catering to more than 25 million users in over 300 cities with over 1,500 coaches.
The outbreak of COVID-19 pandemic gave a boost to the company's business as it doubled its user base and revenue in the last one year. "It crossed 25 million downloads recently and is on track to hit $50 million ARR (annual recurring revenue) within the next six months - becoming potentially the largest health & fitness app outside the US and China," it said.
HealthifyMe co-founder and CEO Tushar Vashisht said, "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."
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