Saudi's PIF participates in India-based Healthifyme's $75 million Series C round
- Saudi Arabia's Public Investment Fund has invested in India-based healthtech Healthifyme's $75 million Series C funding round, led by Khosla Ventures and LeapFrog Investment.
- The round saw participation from HealthQuad, Unilever Ventures, and Elm along with exiting investors; Chiratae Ventures, Inventus Capital and Sistema Asia Capital.
- HealthifyMe plans to use the funds to acquire more companies, grow its team and bolster its presence in its home market India as well as in Southeast Asia, with plans to expand to North America.
- The funds will also enable the startup to expedite the completion of its AI product HealthifySmart, and the launch of a couple of initiatives currently underway.
Health and fitness startup HealthifyMe on Tuesday said it has raised $75 million as a part of its Series C fund-raising round led by LeapFrog and Khosla Ventures.
HealthQuad, Unilever Ventures and Saudi Arabia’s public investment fund Elm also participated in the round, along with existing investors Chiratae Ventures, Inventus Capital and Sistema Asia Capital...
HealthifyMe will use the proceeds from the current round to set up an office in the US and make inroads into North America. It also plans to deepen its focus and target local demographics in 12 countries, where it already has a presence.
Currently, it has an international customer base in the Southeast Asian countries of Singapore, Malaysia and Indonesia; Saudi Arabia and the UAE in West Asia; as well as in the UK and Australia.
With regards to its global expansion, the Bengaluru-based startup will hire 1,000 trainers across these geographies, and an additional 25 individuals to support its international operations. This includes local business executives in these geographies.
“The funding will hold us in good stead for our international plans as we look to launch our HealthifyCoach, HealthifySmart and HealthifyStudio offerings in the US over the next six months. Our users in international geographies are largely Indian expats, and we now want to target local demographics to deepen our presence in these markets," Tushar Vashisht, co-founder and CEO, said in an interview.
The company has almost 25 million users and aims to reach 40 million customers by the end of FY22. The company also expects to become a unicorn over the next 18 months.