HealthifyMe raises $75 million from Khosla Ventures, LeapFrog and others

CHENNAI: With health and fitness taking centrestage, AI-powered health and fitness app HealthifyMe has raised $75 million in a Series C funding round led by Khosla Ventures and

LeapFrog Investments

in one of the largest bets made by the global investors in an Indian startup. HealthQuad,

Unilever Ventures

, and Elm (Saudi Arabia PIF entity) also participated in the round along with existing investors Chiratae Ventures, Inventus Capital and

Sistema Asia Capital

.

With this, HealthifyMe has raised $100 million in total funding till now, and co-founder and CEO

Tushar Vashisht

told TOI the company’s valuation has seen a “marked increase” in the current raise and it is now what one would call a “soonicorn.”

HealthifyMe plans to use the funds to deepen its presence in India and Southeast Asia and also make inroads in the Bay Area in North America. It will also be investing in its AI product HealthifySmart, and plans to double its current engineering and design strength and hire senior leadership members across other departments.

Besides HealthifySmart, the funds will also be used to invest its two new initiatives - HealthifyPlus, a condition management offering for customers with chronic medical conditions like diabetes, PCOS, cholesterol, hypertension and thyroid, and HealthifyStudio, a live workout solution that was built during the pandemic. The funds would also finance the acquisition of other companies working in the digital health space that fit their vision,

Vashisht

said.

HealthifyMe, which competes with tech ventures such as CureFit, Fittr and others, says it doubled its user base and revenue during the pandemic in the last one year. The app has crossed 25 million downloads recently and says it is on track to hit $50 million ARR within the next six months. “This would make us potentially the largest health and fitness app outside the US and China,” Vashisht said. Nearly 25% of its revenues come from outside India from Malaysia, Singapore, and other SouthEast Asian markets.

“Digital health & fitness has 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 for the world. We are excited about the potential as they scale globally - specifically in North America, where 2 out 3 adults are overweight or obese,” Vinod Khosla, Founding Partner at Khosla Ventures, said.