July 24, 2021

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The World Stock Markets Tips & Targets, News, Views & Updates

Fitness start-up HealthifyMe raises $75 million in fresh funding

HealthifyMe, startup, startup fundingHealthifyMe, startup, startup fundingHealthifyMe says it intends to leverage the talent available in India and the US and will be doubling the size of its engineering & design teams.

AI (artificial intelligence)-led health and fitness app HealthifyMe has raised a fresh $75 million in funding led by LeapFrog and Khosla Ventures. The investment which is part of the company’s series C financial round also saw participation from HealthQuad, Unilever Ventures, and Elm (Saudi Arabia PIF entity) along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital.

The Bengaluru-based startup’s total fund count now stands at over $100 million.

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The company will deploy the bulk of the capital to fund expansion in India and Southeast Asia, foray into North America and make relevant acquisitions in the digital health and fitness space. Besides, a portion of the funds will be used to invest behind its AI powered HealthifySmart plans and hire new talent across functions. The firm said it intends to leverage the talent available in India and the US and will be doubling the size of its engineering & design teams. It also plans to hire over 1,000 trainers and coaches this year itself.

HealthifyMe claims to have doubled its user base and revenue in the last one year. It caters to more than 25 million users across over 300 Indian cities. The firm also makes about 25% of its revenues from overseas markets. “In several markets such as Malaysia, Singapore, HealthifyMe has demonstrated being able to localise its offering and establish product-market fit in local populations beyond Indian expats and it intends to replicate the same in North America in the near future,” the firm said in a statement on Tuesday.

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