HealthifyMe raises ₹43 crore in bridge round to fund international expansion

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Bengaluru-based health and fitness startup HealthifyMe has raised around ₹43 crore ($6 million) in a bridge round, as part of the extended series B funding.

In February 2018, HealthifyMe raised $12 million in a series B funding round led by Sistema Asia Fund.

The latest round saw both equity and debt funding from a clutch of existing investors including Sistema Asia Fund, Silicon Valley-based Samsung NEXT, Chiratae Ventures, Blume Ventures, Inventus Capital, and venture lending firm InnoVen Capital.

The funds raised will be used to expand international presence across Singapore, Indonesia, and the Middle East, in the coming six months.

HealthifyMe was founded by Tushar Vashisht and Sachin Shenoy in 2012. It provides an online health and fitness community, enabling users to seek advice regarding diets, weight loss, weight gain, and muscle gains. It further leverages artificial intelligence to offer an AI-enabled fitness coach to help users in their fitness journey.

The startup claims to have a presence across 220 cities in India and around 50, globally. It said that about 20% of its revenue comes from users not settled in India but use the app, with the international expansion, this number is set to grow to 33%.

The healthtech startup is looking to boost operations in India, by launching a curated online foods marketplace EatBetter, for its eight million users in the country.

“We have tied up with over 50 vendors offering 500 stock keeping units (SKUs) for the EatBetter platform. It has been doing well with average order values at over Rs 1,000,” said Tushar Vashisht, Co-Founder and CEO, HealthifyMe.

HealthifyMe posted a revenue run rate of $4.5 million FY18 and expects its revenue run rate to reach $10 million in FY19.

Other healthtech startups in the Indian market, enabling a healthy lifestyle for its users include Curefit, Fitternity, Gympik, and Grow Fit, among others.

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