HealthifyMe Eyes IPO, Targets $200M in Annual Revenue by 2024

Bengaluru: Health and wellness platform HealthifyMe is eyeing an initial public offering (IPO) in the next 24 months, though it expects to record an annualized revenue rate (ARR) of roughly $200 million at the same time.

Annual revenue run rate is a forecasting method that predicts a company’s financial performance over a year based on past earnings data.

“We are seeing a shift in people’s mindset towards using behavior change apps like HealthifyMe and we expect to hit $200 million ARR in 20-24 months. We can think of an introduction in scholarship when we get there,” Tushar Vashisht, co-founder of HealthifyMe, told ET.

The company expects to reach $100 million ARR in the next eight months.

HealthifyMe, founded in 2012 by Vashisht, Sachin Shenoy and Mathew Cherian, offers services such as calorie tracking, individual nutrition, fitness coaching, diet tracking and workout plans.

The platform has around 30 million users in more than 300 cities. The app has about 2,000 health and fitness coaches and about 300 employees.

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HealthifyMe is also launching offline experience centers called “HealthifyMe Stores” in the next three to six months to help its users understand its offerings over the next 3 to 6 months. Stores may also have health testing facilities.

“Even before the pandemic, we wanted to launch this, but we couldn’t. We plan to hire senior managers to work on this. So far this is at the whiteboard stage,” Vashisht said.

HealthifyMe rebranded its offerings and app by launching health tech devices such as a smart scale and real-time glucose monitors. With the rebranded offering, the company plans to expand into global markets such as North America, Southeast Asia and Western Europe.

“The new pro version will offer real-time glucose monitoring along with its other premium services. We expect to generate at least 20-30% of our overall revenue from this new segment,” Vashist told ET.

For the new release, the company has partnered with health and pharma technology players such as Healthians, Redcliffe Labs, MFine and PharmEasy.

HealthifyMe raised $75m in a funding round in July 2021, led by impact investor Leapfrog, US venture capitalist Vinod Khosla and Elm, the Saudi public investment fund.

With that, HealthifyMe’s total fundraising was over $100 million.

In August, the company announced a share buyback program worth $12 million (Rs 90 crore). HealthifyMe said the investors’ shares were being redeemed by its treasury.

The company now plans to invest in its new initiatives, such as its condition management offering for customers with chronic conditions such as diabetes, polycystic ovary syndrome, high cholesterol, hypertension, and heart-related conditions. thyroid.

It is also looking to collaborate and partner with AI-based food and community health startups to offer services on its platform.

“We are currently focused on hyper-scalability within our platform. Starting next year, we will start looking at more acquisitions and mergers,” Vashisht said.

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Sallie R. Loera