Healthifyme Raises $75M to Expand Global Fitness App

HealthifyMe Secures $75 Million to Expand Global Health Programs

The market for fitness applications is currently saturated with numerous options, including well-known platforms like MyFitnessPal, Noom, and Lifesum. However, HealthifyMe, an India-based company, believes it can capture a significant global audience with its highly customizable health and wellness programs.

Series C Funding and Growth Plans

HealthifyMe recently announced the successful completion of a $75 million Series C funding round, led by LeapFrog and Khosla Ventures. These funds will be strategically allocated to expand the company’s user base across India, Southeast Asia, and North America.

This investment represents Khosla Ventures’ largest commitment to an Indian company to date. While the post-money valuation remains undisclosed, co-founder and CEO Tushar Vashisht confirmed the company has achieved “soonicorn” status – indicating a valuation nearing $1 billion.

Investors and Total Funding

In addition to LeapFrog and Khosla Ventures, Unilever Ventures, Elm, and Healthquad participated in this funding round. Existing investors, including Chiratae Ventures, Inventus Capital, and Sistema Asia Capital, also contributed. To date, HealthifyMe has raised over $100 million in total funding.

Global Ambitions and Target Markets

Vashisht stated that HealthifyMe currently holds the position of India’s leading health and fitness app, but the company’s ultimate ambition is to become a global leader in the industry.

Within North America, HealthifyMe has already gained traction among Indian expatriate and Indian American communities. The company now intends to broaden its reach to encompass a wider range of customer demographics.

HealthifyMe’s Product Suite

HealthifyMe offers a diverse range of products designed to cater to various health needs. These include:

• HealthifySmart: An AI-powered platform that creates personalized diet plans for users.
• HealtifyCoach: A service providing live consultations with certified health coaches.
• HealthifyPlus: Launched during the pandemic, this program focuses on managing chronic conditions such as diabetes, PCOS, high cholesterol, and hypertension.
• HealthifyStudio: Offering live, interactive workout classes.

AI-Powered Nutrition and Localization

The app features Ria, an AI-based nutritionist. Ria is uniquely trained to understand and cater to diverse cuisines by leveraging user data, guidance from local nutritionists, and databases like those maintained by the United States Department of Agriculture.

HealthifyMe will collaborate with LeapFrog’s ImpactLabs research and development hub to further refine programs targeted at individuals with chronic health conditions.

HealthifyMe’s Smart plan. Image Credits: HealthifyMe

Growth Metrics and Revenue Projections

HealthifySmart and HealthifyStudio, the company’s most recent offerings, currently account for 25% of its total revenue. HealthifyMe has experienced significant growth, doubling both its user base and revenue in the past year.

The app has surpassed 25 million downloads and is projected to achieve $50 million in annualized recurring revenue within the next six months. The platform currently employs approximately 1,500 trainers and coaches, with plans to recruit an additional 1,000 to support its expansion initiatives.

Competitive Advantage Through AI

By initially focusing on cost-sensitive markets, HealthifyMe proactively integrated AI into its operations to achieve scalable efficiency. This approach allows the company to offer its products at more competitive price points than many of its rivals.

“Currently, the U.S. market presents a dichotomy: free, self-directed calorie tracking tools like MyFitnessPal, and expensive, human-assisted coaching solutions like Noom and WeightWatchers,” explained Vashisht. “However, there is a gap in the market for a solution that combines nutritional tracking with affordable expert advice.”

International Expansion Strategy

Approximately 25% of HealthifyMe’s revenue originates from outside of India, specifically from Singapore and Malaysia. The company employs a standardized playbook when entering new markets.

“Our initial step involves constructing a comprehensive food database featuring local culinary items. We also refine our search algorithms and app language to ensure accurate food identification within the application,” Vashisht detailed. “Subsequently, we recruit 50 local diet and fitness coaches to serve the regional population through the platform and launch HealthifyCoach locally. Once sufficient data is gathered, we retrain and adapt our AI to align with local preferences.” This strategy was successfully implemented in Singapore and Malaysia and will be replicated in North America.

Program Efficacy and Clinical Validation

HealthifyMe assesses the effectiveness of its programs through user-reported data and collaborations with researchers, such as Stanford Graduate School of Business professor Sridhar Narayan, to validate and analyze its findings.

On average, paying subscribers experience an approximate weight loss of eight pounds over 180 days, with the top 10% achieving losses exceeding 20 pounds.

For HealthifyPlus users, the company has observed statistically significant improvements in Hemoglobin A1C (Hb1AC), LDL cholesterol, and thyroid-stimulating hormone (TSH) levels. HealthifyMe intends to publish these results in the coming months and explore integrations with diagnostic providers for ongoing clinical monitoring.

Future Investments and Team Expansion

A portion of the new funding will be dedicated to doubling the size of HealthifyMe’s engineering and design teams, potentially through strategic acqui-hires. The company is actively seeking to acquire digital health and wellness companies.

HealthifyMe also plans to fill key leadership positions in operations, marketing, human resources, and technology to support its continued growth.

Update: The article has been updated to reflect that LeapFrog has previously invested in other Indian health tech startups.