India’s leading mobile health and fitness platform, HealthifyMe, have raised $12M Series B round of funding led by Sistema Asia Fund, the India focused fund of Russia’s largest Conglomerate. Silicon Valley based Samsung NEXT, Singapore’s Atlas Asset Management and Japan’s Dream Incubator are the other participants in the latest round of funding alongside existing investors IDG Ventures India, Inventus Capital, Blume Ventures and Dubai based NB Ventures. The Rainmaker Group was the advisor to the company on the transaction for which the term sheet was signed in October 2017.
HealthifyMe has grown 3.5 times in 2017 to 4 million users, spread to 200+ cities, and is booking US$ 4.5M in ARR [Annualized Run Rate] revenue. With more than a million monthly active users, HealthifyMe enjoys about 10% of the Indian market share in the health/fitness category as per AppAnnie. HealthifyMe users have tracked 200 million foods, workouts and exchanged 10 million messages with their nutritionists and trainers.
Learning from this, HealthifyMe launched the world’s first AI nutritionist ‘Ria’ in late 2017, which is now guiding its paying consumers alongside human nutritionists and trainers. The HealthifyMe app itself has also become the highest rated app on Google Play in India achieving a rating of 4.6 and Google’s Best app of 2017 recognition – third year running.
HealthifyMe intends to use this fresh round of funding to deepen its presence in India by offering health foods, diagnostics and insurance products beyond its digital nutrition/fitness services portfolio. HealthifyMe also hopes to enter other emerging markets. The company recently launched in the GCC [Gulf Cooperation Countries] market and is already in the top 3 on Google Play, UAE. Additionally the company intends to use the funds to further its AI and Data Science capabilities.
Tushar Vashisht, CEO, HealthifyMe, said
Our vision is to build the world’s largest online health and fitness service. We want to help millions of consumers achieve their goals by engaging with nutritionists and other health experts empowered with Artificial Intelligence. ‘Ria’, our AI nutritionist that we introduced last quarter will have a game changing effect on fitness/nutrition access to Indians. We are already India’s go-to health app, this funding will help us to launch in other emerging markets where obesity and lifestyle diseases are growing exponentially. It will also help us expand our offerings portfolio to affiliated products and services that our customers need.
Kirill Kozhevnikov, MD and Partner, Sistema Asia Fund Advisory, said
We are strong believers in preventive healthcare. People all over the world associate healthcare mostly with disease treatment, but ideally healthcare should prevent diseases. HealthifyMe team is disrupting this vitally important sector with its technology platform, transforming everyday behavior of people, and measurably making them healthier. We are happy to back the company in its mission.
Amit Garg, Principal at Samsung NEXT Ventures, said
HealthifyMe is the leading digital health app in India, and a very compelling mix of both human and machine intelligence. Its network of coaches helps users stick to their diet and fitness plans, the AI they have developed helps the coaches be more efficient. We were also impressed with the sheer amount of data the company has gathered, including the database of Indian foods.
HealthifyMe was co-founded by Tushar Vashisht and Sachin Shenoy who worked previously at UIDAI [Aadhar, Govt of India], Deutsche Bank and Google across India and Silicon Valley. The HealthifyMe app is available to download for free and enables users to keep a track of their calories, set personal fitness goals and measure progress. It boasts of the world’s largest database of Indian foods and syncs with all leading wearables, Google Fit and Apple Health. As part of its subscription services, HealthifyMe connects users with qualified nutritionists and trainers who review their progress, provide diet and exercise plans and work with the users to help them achieve their fitness goals.
HealthifyMe also has curated a digital workplace wellness program and has worked with clients such as P&G, Unilever, Accenture, Cognizant, Shell, Philips amongst others. The Company also works as a digital/preventive partner for top healthcare providers in India like Medanta, Manipal, Apollo ACODE etc. In early 2016, HealthifyMe had setup its global headquarter in Singapore and received Series A funding of US$6 Million led by IDG Ventures India, Inventus Capital, Blume Ventures and NB Ventures.