InnoVen leads $6m funding in Indian weight loss app HealthifyMe

Photo by Patrick Hendry on Unsplash

Healthify Me, a weight loss and fitness app, raised $6 million in a Series B extension round from InnoVen Capital and existing investors, the company said on Friday. InnoVen Capital, a Temasek-backed venture capital lending firm, has invested in about 110 Indian firms including Yatra.com, Oyo Rooms and Black Buck.

Healthify raised $12 million in the first Series B round, bringing the total fundraise to $18 million. It said it will use the capital to get 100 million new customers on the platform in India and abroad, starting with Malaysia and followed by Singapore, Indonesia and other southeast Asian countries.

“We have always seen ourselves as a global product company and have built our app in line with global standards of quality and excellence. More than 10% of our 8 million user base, 10% of our coaches & 20% of our overall revenues are already coming from international geographies,” said Tushar Vashisht, chief executive officer (CEO), HealthifyMe.

“Our foray into southeast Asia is an effort to offer a highly localized and curated experience to users there, offering the same level of depth in terms of food library, quality of coaches and technology support that our users in India enjoy. We are overwhelmed by the reception we have received in the country. We will enter more markets soon,” he said.

Founded in 2012 by Vashisht and Sachin Shenoy, Healthify is a fitness app that connects users to nutritionists and fitness trainers for a subscription fee of ₹999. The company has introduced a “Smart Plan” for ₹299, to attract customers.

This article was first published on livemint.com

Singapore Reporter/s

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

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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.