Bengaluru and Singapore based startup Healthyfyme announced on Tuesday that it has raised $75 Mn in a Series C round. Private equity firm LeapFrog Investments and Vinod Khosla backed Khosla Ventures led the investment round . Unilever Ventures, Elm (Saudi PIF entity), and HealthQuad also participated in the round along with existing investors Chiratae Ventures, Inventus and Sistema.
This is the biggest funding round raised by Healthyfyme till date. The startup had last raised $6 Mn in an extended Series B round in November 2018, the round was a mix of equity and debt investment. The latest funding has come almost after two and half year gap. Following the Series C round, the startup has till date raised $100 Mn through external fund raising rounds.
Notably, this investment marks LeapFrog’s first investment in the Indian health tech space. Besides, HealthifyMe now stand as largest investment Khosla Ventures has made in India till date.
The company hasn’t commented on the post-funding valuation but its valuation is likely to have seen a upsurge in the latest round.
The company said that the fresh capital infusion will be used for making inroads in new markets like North America and expanding in existing markets like India and Southeast Asia. It also plans to pursue acquisition plans aggressively, double workforce counts across different verticals and invest in its AI-powered HealthifySmart Plans.
Healthifyme claims that it not only managed to buck the economic downturn caused by the pandemic but the latter proved to be a catalyst for its growth. The company claims that it recently crossed 25 million downloads and is on track to hit $50M annual recurring revenue within the next six months. The company further touts that currently approximately 25 percent of its revenue currently comes from outside India – largely from North America and South East Asia.
The company had recently announced that it is eyeing $400 Mn revenue rate by 2025.
Techpluto, however, could not ascertain these claims independently.
Healthifyme was founded in 2012 by co-founders Mathew Cherian, Sachin Shenoy and Tushar Vashisht. It is essentially a mobile health and fitness app that allows its users to achieve their fitness and weight loss goals.