Bengaluru-based HealthifyMe, the health and fitness startup has raised INR 43 crores ($6 million to be exact) in a bridge round, as part of the extended series B funding. The latest round was a combination of equity and debt funding from existing investors like Sistema Asia Fund, Samsung NEXT, Chiratae Ventures, Blume Ventures, Inventus Capital and venture debt fund InnoVen Capital.
HelathifyMe plans to use the funds to expand its international market base to countries like Singapore, Indonesia and the Middle East in the upcoming six months. Earlier in February this year, the startup raised $12 million in series B round of funding from Sistema Asia Fund.
Founded by Tushar Vashisht and Sachin Shenoy in 2012, the startup provides an online health and fitness community which let users seek advice regarding diets for weight gain, weight loss as well as other fitness related issues. The startup leverages AI and ML to offer a fitness coach which helps users in their journey.
HealthifyMe has a presence in over 220 cities all across the country as well as more than 50 cities internationally. 20 per cent of the startup’s revenue comes from international users, which is expected to grow to 33 per cent with international expansion post the funding.
“We have tied up with over 50 vendors offering 500 stock keeping units (SKUs) for the EatBetter platform. It has been doing well with average order values at over Rs 1,000,” said Tushar Vashisht, Co-Founder and CEO, HealthifyMe.
The startup is planning to launch a curated foods marketplace EatBetter for its eight million users in the country which will help it grow in the country. HealthifyMe posted $4.5 million in revenues in FY18 and expects to grow it to $10 million this financial year ending in March.
Other players like Curefit, Fitternity, Gympik, and Grow Fit are some prominent names in the health and fitness industry.