Bangalore: Health and wellness platform HealthifyMe is considering an initial public offering (IPO) in the next 24 months, although it plans to hit an annualized revenue rate (ARR) of $200 million around the same time.
Annual sales rate is a forecasting method used to predict a company’s financial performance over a year based on past earnings data.
“We’re seeing a shift in people’s attitudes toward using behavior change apps like HealthifyMe, and we plan to reach $200 million in ARR in 20-24 months. We might consider an IPO when we get there,” Tushar Vashisht, co-founder of HealthifyMe, told ET.
The company plans to reach $100 million ARR in the next eight months.
Founded in 2012 by Vashisht, Sachin Shenoy and Mathew Cherian, HealthifyMe offers services such as calorie tracking, personalized nutrition, fitness coaching, diet tracking and exercise plans.
The platform has around 30 million users in more than 300 cities. The app has around 2,000 health and fitness trainers and around 300 employees.
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HealthifyMe is also launching offline experience hubs called “HealthifyMe Stores” over the next three to six months to help its users understand its offerings over the next three to six months. Stores may also have health testing facilities.
“Even before the pandemic, we wanted to bring this to market, but we couldn’t. We plan to hire some senior staff to work on it. So far this is at the whiteboard stage,” Vashisht said.
HealthifyMe has rebranded its offering and app, launching health technology devices like a smart scale and real-time glucose monitors. With the rebranded offering, the company plans to grow in global markets such as North America, Southeast Asia and Western Europe.
“The new Pro version offers real-time glucose monitoring along with their other premium services. We plan to derive at least 20-30% of our total revenue from this new segment,” Vashist told ET.
For the new version, the company has partnered with healthtech and pharmaceutical companies such as Healthians, Redcliffe Labs, MFine and PharmEasy.
HealthifyMe raised $75 million in a July 2021 funding round led by impact investor Leapfrog, US-based venture capital investor Vinod Khosla and Elm, the public investment fund of Saudi Arabia.
This brought HealthifyMe’s total fundraising to over $100 million.
In August, the company announced a US$12 million (Rs 90 crore) share buyback program. HealthifyMe said the investors’ shares would be bought back from its treasury.
The company is now considering investing in its new initiatives such as: B. its condition management offering for customers with chronic diseases such as diabetes, polycystic ovarian syndrome, high cholesterol, high blood pressure and thyroid disorders.
It also aims to collaborate and partner with artificial intelligence-based food and community health startups to offer services on its platform.
“We are currently focused on hyper-scaling within our platform. Starting next year, we will look at more acquisitions and mergers,” Vashisht said.
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