Health and fitness platform Healthify, earlier known as HealthifyMe, Friday said it has secured $20 million (nearly Rs 170 crore) in fresh capital, led by Khosla Ventures and LeapFrog Investments.
Marquee investor Ranjan Pai also joined in as a new investor through his family office Claypond Capital. The funding is a part of a larger $45 million financing round.
The fresh capital, which takes Healthify’s equity raise to $125 million, adds to an earlier tranche the startup raised in June 2023, when it secured $30 million in a mix of equity and debt. Of this, $25 million was equity raised in convertible notes, with another $5 million secured as venture debt.
Healthify said the funding will be used for its global expansion, particularly for its foray into the US market, and advancing its industry-leading AI capabilities.
“After delivering outcomes at scale in India with our unique blend of AI and human coaching, we’re thrilled to bring this approach to the US, the world’s largest health and fitness market,” said Tushar Vashisht, co-founder and chief executive of Healthify.
The startup, founded in 2012 by Vashsisht and Sachin Shenoy, operates a mobile health and fitness app, providing personalised guidance on nutrition, fitness, and overall wellness to its customers. The platform claims to serve over 40 million users across over 300 cities with over 600 coaches.
In 2022, HealthifyMe raised $75 million in a Series C round led by LeapFrog and Khosla Ventures. 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.
The startup claims it is on track to become EBITDA-positive by the end of the fiscal year. EBITDA, which stands for earnings before interest, taxes, depreciation, and amortization, reflects operational profitability.
As it aims to expand into the US in the coming months, the company is also strengthening its business-to-business strategy, by developing partnerships with corporations in diagnostics, insurance, and pharmaceutical, even as consumer business remains its core.
"With AI, everyone can have a personal nutritionist and health coach to make the right diet and fitness choices on a daily basis. Healthify is already doing this in India, one of the world's largest consumer markets, and they are now well positioned to bring their offering to the US,” said Vinod Khosla, founder, Khosla Ventures, said.
