The Indian Healthcare IT market was estimated at $1 billion in 2016 and is projected to grow 1.5 times by 2020, says a report by Nasscom. In this space, the recent development is that a health tech startup HealthifyMe has raised about $12 million in Series B funding round from Sistema Asia Fund and a clutch of investors.
Existing investors IDG Ventures India, Inventus Capital, Blume Ventures and Dubai-based NB Ventures also participated in the round
In 2012, the Bengaluru-based startup HealthifyMe was founded by Tushar Vashisht, Mathew Cherian and Sachin Shenoy. The startup allows its users to achieve their fitness and weight loss goals from their computers and smartphones.
It allows the user to track their weight and determine if they are healthy; set healthy goals and work toward meeting them; share their data with experts; and get expert advice and suggestions on their lifestyles. The company have more than 350 employees at present and plans to use the raised funding to enhance its artificial intelligence and data science capabilities.
Vashisht said, Around 50% of our paid subscribers renew our subscription and when they do it, they move on to a higher plan. Hence our revenue retention of paid subscribers goes up to 90% apart from new paid subscriber acquisition. We hope to touch hundred thousand paid subscribers later this year.
In 2016, the startup has raised $6 million in Series A round led by IDG Ventures India, Inventus Capital and Blume Ventures. In 2015, the startup had raised an undisclosed amount of funding in pre-Series A round from a clutch of angel investors.