HealthifyMe Secures $30 Million Funding from LeapFrog and Other Investors
- ByStartupStory | June 8, 2023
HealthifyMe, a fitness startup based in Bengaluru, secures $30 million in pre-Series D funding round, with LeapFrog Investments and Khosla Ventures leading the investment. The funding round also witnesses participation from new investors FinnFund and Van Lanschot Kempen. According to a statement, the round includes the continued support of existing investors Unilever Ventures, Chiratae Ventures, Blume Ventures, and HealthQuad.
HealthifyMe announces plans to utilize the recently raised capital to enhance its AI capabilities, bolster hiring efforts, and facilitate global expansion. The funding will also enable the startup to upgrade its AI-driven virtual nutritionist, Ria.
HealthifyMe reports a user base exceeding 35 million and projects an annual recurring revenue (ARR) of $50 million in the near future. However, it is important to highlight that the company’s net loss expanded significantly, increasing over 8 times to INR 157 crore in the financial year 2021-22 (FY22) compared to INR 19 crore in FY21. On the other hand, its operating revenue reached INR 185.2 crore in FY22, surpassing the INR 86 crore generated in the previous fiscal year.
In its previous funding round, HealthifyMe raised $75 million in a Series C investment led by LeapFrog and Khosla Ventures in 2021. With this latest capital infusion, the startup has accumulated a total funding of over $130 million from multiple rounds. HealthifyMe faces competition from various players in the industry, including UltraHuman, Cult.fit, and one8 Fitness.
Established in 2012 by Tushar Vashisht, HealthifyMe offers a health and fitness app that utilizes AI technology to deliver tangible outcomes in terms of eating habits, fitness, and weight management. The app tracks users’ lifestyles and provides access to coaches, among other benefits.
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