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IDGVI News: Media Coverage

IDG, Inventus, Blume back HealthifyMe

TNN | 11.05.2016

BENGALURU: HealthifyMe, an online healthcare and fitness app, has raised $6 million in funding from IDG Ventures, Inventus Capital and Blume Ventures.

The company had raised $1 million in funding last year from a few angel investors and phone maker Micromax. The Singapore-headquartered firm has grown its user base from 30,000 last year to around 5 lakh this March.

With the funding, the company plans to grow to 5 million users, said HealthifyMe founder and CEO Tushar Vashisht, adding that the fitness space in the country is estimated to be $2 billion. HealthifyMe, which has over 100 employees, has seen more than 1 million app downloads. The company, founded in 2012, provides nutritionists, fitness experts and yoga instructors on the platform for paid subscribers of its online services.

However, it did not disclose the number of paid subscribers saying that it was between 10,000 to 1 lakh. Its paid subscription starts from Rs 800 up to Rs 1,300. The free app provides nutritional information of Indian food and recipes.

"We will continue to invest heavily in our technology and product and are looking to add 500 companies to be part of our corporate programmes." said Vashisht. The HealthifyMe app can also be synced with wearable devices like Fitbit and MiBand, among others. It has also partnered with corporate programmes of Philips, GE, Cognizant, etc. HealthifyMe app enables users to keep a track of their calories, set personal fitness goals and measure progress.

HealthifyMe has also partnered with medical institutions such as Medanta - The Medicity, Apollo and Manipal Hospitals, where its mobile application has proven effective in treating and preventing obesity, diabetes, cardiovascular problems and other lifestyle diseases, the company said. Dr Sudarshan Ballal, chairman of Manipal Hospitals said, "We will be able to monitor and manage patients' diet, weight and deliver counselling digitally with this partnership. The programme is integrated with preventive health checkups and is helpful in better management of non-communicable or lifestyle diseases."

Karan Mohla, executive director at IDG Ventures India said HealthifyMe has demonstrated consistent strong growth apart from focusing on unit economics. It has created an asset-light model of delivery. "The large market it's addressing is ripe for disruption and we are very excited to partner with them," he added.