Leading AI health and fitness app HealthifyMe on Tuesday announced it has raised $75 million (nearly Rs 560 crore) in a Series C round led by LeapFrog and Khosla Ventures. The company, which has raised the total capital to over $100 million till now, said in a statement that it will use the funds to expand in India and Southeast Asia, make inroads into North America as well as to acquire relevant companies in the digital health and fitness space.
It will also be investing heavily behind its AI powered HealthifySmart Plans and intends to double its current engineering and design strength. It will furthermore be hiring senior leadership members across operations, marketing, HR and technology.
"We are already the 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 possible today," said Tushar Vashisht, Co-founder and CEO, HealthifyMe.
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.
HealthifyMe said it has doubled its user base and revenue in the last one year during the pandemic. It crossed 25 million downloads recently and is on track to hit $50 million ARR (annual recurring revenue) within the next six months, potentially becoming the largest health and fitness app outside the US and China.
While HealthifyMe's base has been India, it has been expanding internationally and now nearly 25 per cent of its revenues come from outside the country like Malaysia and Singapore.
"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," said Vinod Khosla, Founding Partner at Khosla Ventures.
HealthifyMe is also planning to invest in building its leadership team and will hire for key positions across operations, HR, technology and marketing as well as P&L heads. The company aims to hire over 1,000 trainers and coaches this year.