India: HealthifyMe raises $12m Series B round led by Sistema Asia Fund

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Health and fitness startup HealthifyMe has raised a $12 million round of funding led by Sistema Asia Fund, an investment fund of Russian conglomerate Sistema.

According to an official statement, the round also saw participation from Silicon-Valley based Samsung NEXT, Singapore’s Atlas Asset Management and Japan’s Dream Incubator.

Existing investors IDG Ventures India, Inventus Capital, Blume Ventures and Dubai-based NB Ventures were also part of the Series B funding.

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.

Also Read:

IDG & Blume-backed HealthifyMe gets $1m funding

India: Health and fitness app HealthifyMe raises $6m from IDG, Inventus & Blume

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.