HealthifyMe Reports 1.2X Revenue Increase and Reduced Losses
- ByStartupStory | October 30, 2023
HealthifyMe, a health and fitness platform backed by Khosla Ventures, has reported a significant increase in its operating revenue for the fiscal year 2023 (FY23), along with a reduction in losses. HealthifyMe Wellness Private Limited, the Indian entity within the group, disclosed standalone operating revenue of Rs 228.7 crore in FY23, compared to Rs 185 crore in the previous fiscal year, according to its regulatory filing. Meanwhile, losses decreased by 9% to Rs 142 crore. This is a noteworthy achievement, considering that the company experienced an eightfold rise in losses, reaching Rs 157 crore between March 2021 and March 2022. Notably, HealthifyMe exercised better control over its costs in FY23, with expenses rising by only 7% to Rs 371.7 crore, compared to the Rs 343 crore incurred in the preceding financial year, during which expenses had surged by 227%.
On the revenue front, the nutrition and wellness coaching services played a significant role, contributing to a 25% increase, from Rs 111.6 crore to Rs 139 crore in FY23. However, the pace of growth in this segment slowed compared to the previous year when the company achieved a remarkable 96% growth.
The Bengaluru-based company also reported Rs 74 crore in the form of support services to the parent company, slightly up from the previous year’s figure of Rs 72 crore. HealthifyMe’s journey began with its founders Tushar Vashisht, Sachin Shenoy, and Mathew Cherian. The HealthifyMe app claims to have garnered a user base of 35 million spread across more than 300 cities and has onboarded over 1,000 coaches.
In June, HealthifyMe successfully raised $30 million in a pre-Series D funding round led by LeapFrog Investments and Khosla Ventures. The funding round also witnessed the participation of new investors, including FinnFund, a Finnish development financier, and Van Lanschot Kempen, a Dutch investment firm. To date, the company has raised a total of $130 million.
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In a statement, HealthifyMe, which maintains a physical presence in Bengaluru, Kuala Lumpur, and Singapore, expressed its commitment to achieving an Annual Recurring Revenue (ARR) of $50 million in the coming months. The company is also actively working on developing artificial intelligence solutions that will facilitate multi-country coaching capabilities for its nutritionists, with approximately 20% of its revenues originating from international lmarkets.
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