India’s AI-powered health and fitness app HealthifyMe gears up to expand to North America with $ 75 million investment
HealthifyMe, an AI-powered Indian health and fitness app, has raised $ 75 million in a Series C funding round led by LeapFrog and Khosla Ventures. The investment round was also joined by HealthQuad, Unilever Ventures, Elm of the Saudi Arabia Public Investment Fund, as well as regular investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital.
The company has so far raised more than $ 100 million from various investors.
WHAT HE DOES
HealthifyMe claims to be the largest digital wellness platform in India with over 25 million users in 300 Indian cities and around 1,500 coaches. It leverages AI to deliver subscription-based health and fitness services, such as calorie tracking, one-on-one nutrition and fitness coaching, as well as diet and workout plans. Available on iOS and Android devices, the app also includes IA nutritionist Ria who acts as a personal health assistant.
The platform recently introduced two latest products: HealthifyPlus, a program for users with chronic conditions, such as diabetes, PCOS, and hypertension; and HealthifyStudio, which offers live training classes.
The company also offers wellness programs to over 100 companies in India.
HealthifyMe has been launched outside of India, such as Malaysia and Singapore where its offerings are located.
WHY IS IT IMPORTANT
With its new funds, HealthifyMe is set to roll out its app globally, targeting expansion in India, Southeast Asia and North America. Based on a press release, the company is looking to acquire businesses in the health and wellness field to strengthen its expansion efforts. In addition, he intends 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 people to key positions in operations, human resources, technology and marketing. It will also double the number of its engineering and design staff and hire more than a thousand trainers and coaches this year alone.
The World Health Organization has estimated that nearly 2 billion adults worldwide are overweight or obese. In 2017 alone, an estimated 4 million people died from obesity-related diseases.
Companies that tackle this problem should achieve a value of $ 3 billion by 2025. Among the notable players is Noom, who raised $ 540 million in a fundraising round in May. Another company, WW International, launched a digital subscription weight loss program in January.
Meanwhile, HealthifyMe said it is on track to hit $ 50 million in annual recurring revenue by the end of the year.
ON THE RECORD
“We are delighted to partner with Leapfrog, Khosla Ventures and other global investors in our mission to health one billion people. We are already the market leaders in India and South East Asia and combining the “AI and human empathy, we can achieve results in terms of weight and management of lifestyle diseases at a fraction of the cost possible today,” said Tushar Vashisht, co-founder and CEO of HealthifyMe.
“With our C-Series, we’re excited to bring our offerings to the world – North America being a key part of the plan – and we look forward to hiring and partnering with people around the world who are passionate about using technology to foster positive behavior change, “he added.