HealthifyMe App raises Rs 40 Crores in series A funding
HealthifyMe, a fitness app , has raised $6 million ( Rs 40 crores approx) through a series A round of funding led by IDG Ventures India, Inventus Capital and Blume Ventures.Having received a pre series A funding last year from Micromax and a group of angel investors last year, the start up works now in collaboration with health institutes such as Medanta Healthcare, Apollo healthcare and Manipal Healthcare.
The platform provides assistance to clients, plans workouts, diets and helps clients ask questions related to health to the dieticians and nutritionists on the panel.The funds raised will be used for developing a digital coaching platform, strengthening advertising, marketing and the product team and also accelerate growth in India. Around 40 engineers, designers and product managers are to be hired by the company by the end of this year.
"Our vision is to make healthy living easy, fun and affordable for all. With these funds we plan to impact 5 million users and tie up with over 500 corporate and healthcare partners," said Tushar Vashisht, CEO HealthifyMe.
HealthifyMe is the only health app in India to receive Top Developer Badge – Google Play’s highest recognition for quality and innovation.
“Having a strong engineering and product ethos, HealthifyMe according to customers and corporate partners is an extremely positive enterprise; bound to set a benchmark for wellness delivery in India, something to be proud of feels,” Rutvik, Director, Inventus Capital told yourstory.
Co-founded by Tushar Vashisht, Sachin Shenoy and Mathew Cherian in 2012, HealthifyMe is a Microsoft Ventures startup; with 150 employees including 100 coaches.The company presently has a presence in Bangalore, Delhi, Mumbai and Chennai.
The application enables users to keep a track of their calories, set personal fitness goals and measure progress. Syncronizing with all the leading wearables including : Fitbit, YuFit and MiBand along its own fitness band RIST the health app also partners with medical institutions such as Medanta , Apollo ACODE and Manipal Hospitals and has effectively treated obesity, diabetes, cardiovascular problems and other lifestyle diseases.
“In collaboration with HealthifyMe, we are able to monitor and manage patients’ diet, weight and deliver counselling digitally. The program is integrated with preventive health check programs and is helpful in better management of non-communicable or lifestyle diseases – the curse of modern living,” Dr Sudarshan Ballal, Chairman of Manipal Hospitals, told Your Story.
Growing at 20 % month after month, HealthifyMe has three revenue streams: premium subscription model (starts at Rs 800 per month), corporate wellness and healthcare programmes. Its subscription services connect users with nutritionists and trainers who review their progress, provide diet or fitness plans. Its Corporate social platform engrossing employees around holistic healthy eating, running, weight control and hydration has for its corporate client section: PMC Sierra, Indegene, Philips, GE and Cognizant.
“We use technology and human services to target weight-loss and our programs are effective in prevention of lifestyle diseases such as diabetes, hypertension. With these funds we plan to impact five million users and tie up with over 500 corporate and healthcare partners. We will continue to invest heavily in our technology and product,” says Tushar Vashisht, CEO HealthifyMe.
Valued at Rs 490 billion, the wellness industry is dominated by weight loss and beauty treatment services. There are 4.8 million fitness seekers across Mumbai, Delhi and Bengaluru, according to a Deloitte-IHRSA report
GOQii, Orobind, GetActive and MobieFit have drawn investor attention due to them riding the wave of healthy diet and fitness tracking .
GOQii with a $13.4 million in Series A funding; Orobind with an undisclosed amount in pre-series A funding; GetActive close on heals with an undisclosed amount of fund in 2014 and MobieFit raising a one million dollars. A few collaborations also emerging alongside like online home services provider Housejoy being acquired by Orobind; and digital fitness solution Fitho Wellness getting acquired by Practo, a doctor search engine .
Being aggressively competitive and productive, this sector is all set to witness a 20-30 percent growth every year; keeping in mind both the improving lifestyles and growing income brackets of people.