HealthifyMe, an AI-enabled health and fitness app from India, raised $ 75 million in a Series C funding round led by LeapFrog and Khosla Ventures. HealthQuad, Unilever Ventures, Elm of the Saudi Arabia Public Investment Fund and repeat investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital also took part in the investment round.
The company has raised over $ 100 million from various investors to date.
WHAT IT DOES
HealthifyMe claims to be India’s largest digital wellness platform with over 25 million users in 300 Indian cities and around 1,500 trainers. It uses AI to offer subscription-based health and fitness services, such as calorie tracking, individual nutrition and fitness coaching, and diet and exercise plans. The app is available on both iOS and Android devices and also features AI nutritionist Ria who acts as a personal health assistant.
The platform recently launched two newest products: HealthifyPlus, a program for users with chronic conditions like diabetes, PCOS, and high blood pressure; and HealthifyStudio, which offers live workout classes.
The company also delivers wellness programs to over 100 companies across India.
HealthifyMe was launched outside of India, for example in Malaysia and Singapore, where its offerings are located.
WHY IT IS IMPORTANT
With its fresh funding, HealthifyMe will distribute its app worldwide and aim to expand into India, Southeast Asia and North America. According to a press release, the company plans to acquire health and wellness companies to reinforce its expansion efforts. The company also plans to set up offices and teams in the San Francisco Bay Area and Southeast Asia.
The company said it will build its leadership team and recruit key people in operations, human resources, technology and marketing. It will also double its engineering and design staff and hire over a thousand trainers and coaches this year alone.
The World Health Organization estimates that nearly 2 billion adults worldwide are overweight or obese. In 2017 alone, around 4 million people died from obesity-related diseases.
Companies that are dealing with this issue are expected to be worth. to reach $ 3 billion by 2025. Notable players include Noom, who raised a whopping $ 540 million in funding in May. Another company, WW International, launched a subscription-based digital weight loss program in January.
Meanwhile, HealthifyMe said it is on track to hit $ 50 million in annual sales by the end of the year.
ON THE RECORD
“We are excited to partner with Leapfrog, Khosla Ventures and other global investors to bring health to one billion people. We are already market leaders in India and Southeast Asia and by combining AI and human empathy we can deliver results in weight and lifestyle disease management at a fraction of the cost of today, “said Tushar Vashisht, Co-Founder and CEO of HealthifyMe.
“We’re excited to take our C-Series offerings around the world – North America is an important part of the plan – and we look forward to hiring and working with people around the world who are passionate about using technology, to drive positive behavior change, “he added.