New Delhi: Mobile health and fitness start-up HealthifyMe, run by Caeruz Ventures Pvt. Ltd, said on Wednesday that it has received $1 million in funding from Dubai-based venture capital fund, NB Ventures.
This is an additional investment to the $6 million in Series A funding that the company raised in May from IDG Ventures India, Inventus Capital and Blume Ventures.
The company will use the fresh round of funds for expanding its team and on product development.
Founded in 2012 by Tushar Vashisht, Sachin Shenoy and Mathew Cherian, HealthifyMe is a fitness mobile application that uses technology and human services to target weight-loss and claims that its programmes are effective in the prevention of lifestyle diseases such as diabetes and hypertension.
The company monetizes its business by offering weight-loss programs—in which users can connect with over 150 nutritionists and fitness coaches for online consultations.
The company claims to have registered one million downloads on Google Play Store as of Tuesday. HealthifyMe aims to have 10 million downloads in the next 18 months, said Vashisht.
“One million user base is validation that our product, unit economics and (app) engagement works… from here it is going to be all about scale and growing further for which we need the capital… Growing at 20% month on month (in revenues), we won’t be surprised if we announce Series B in another nine to 12 months,” added Vashisht in a telephonic interview.
The company also plans to expand in overseas markets including the Middle East and Southeast Asia in 2017.
“I look forward to helping them (HealthifyMe) expand to the Middle East at the right time.” said managing director of NB Ventures, Neelesh Bhatnagar, in a statement.