Bengaluru-based fitness startup HealthifyMe raised $30 million in its pre-Series D led by LeapFrog Investments and Khosla Ventures where new investors FinnFund and Van Lanschot Kempen, along with existing investors Unilever Ventures, Chiratae Ventures, Blume Ventures, and HealthQuad also participated.
According to the startup, the fresh capital will be utilized to strengthen its AI capabilities, expand its team through hiring, and support its global expansion efforts. The funding will also facilitate upgrades to HealthifyMe’s AI-powered virtual nutritionist, Ria. The startup currently boasts a user base of over 35 million and aims to achieve an annual recurring revenue of $50 million in the near future.
HealthifyMe’s net loss significantly widened in the financial year 2021-22, reaching INR 157 crore ($21 million) compared to INR 19 crore ($2.5 million) in the previous fiscal year. However, its operating revenue increased to INR 185.2 crore ($25 million) from INR 86 crore ($11 million) in the same period.
This funding round comes after HealthifyMe laid off around 150 employees, accounting for 15-20% of its workforce, around six months ago. In 2021, the startup raised $75 million in its Series C round, also led by LeapFrog and Khosla Ventures.
Founded in 2012 by Tushar Vashisht, HealthifyMe offers a health and fitness app that leverages AI to provide personalized results in areas such as eating habits, fitness, and weight management. The app tracks users’ lifestyles and offers access to coaches, among other benefits. HealthifyMe competes with other fitness startups such as UltraHuman, Cult.fit, and one8 Fitness. With this latest funding round, the total funds raised by HealthifyMe amount to over $130 million across multiple rounds.
