The Rainmaker Group was the advisor to the company on the transaction for which the term sheet was signed in October 2017.
Founded in 2012 by Tushar Vashisht, Sachin Shenoy, Mathew Cherian, HealthifyMe was incubated by Microsoft Ventures accelerator. The HealthifyMe app enables users to keep a track of their calories, set personal fitness goals and measure progress. It launched its artificial intelligence-based nutritionist “Ria” in late 2017, which is now guiding its paying consumers alongside human nutritionists and trainers.
In 2016, the company had raised $6 million from IDG Ventures India, Inventus Capital and Blume Ventures as well as $1 million from Dubai-based investor Neelesh Bhatnagar.
Prior to that, it had raised $250,000 in angel funding from Rajesh Mushroowala, board member of Sytel and AngelPrime; Srini Koppulu of Hyderabad Angels; Arun Seth, former chairman of Alcatel-Lucent India; Kunal Bajaj, former board member, One97 Communications; Sashi Reddi, owner, Sri Capital; and other unnamed investors in 2012.
The Bengaluru-based firm, run by Caeruz Ventures Pvt Ltd, plans to use this latest funding round to expand its offerings by adding health foods, diagnostics and insurance products, thereby going beyond its digital nutrition/fitness services portfolio.
Apart from enhancing its AI and data science capabilities, HealthifyMe is also targeting to enter other emerging markets. The company recently launched in the GCC (Gulf Cooperation Countries) market.
“We are already India’s go-to health app, this funding will help us to launch in other emerging markets where obesity and lifestyle diseases are growing exponentially. It will also help us expand our offerings portfolio to affiliated products and services that our customers need,” said Tushar Vashisht, CEO, HealthifyMe.