Healofy, a social network app for women, has raised $8 million from China-based BabyTree Group, BAce Capital, and existing investor Omidyar Network India.
The Bengaluru-based company plans to use the funds to strengthen its product, engineering and data science team as well as to scale its machine learning and personalisation engine.
Healofy was founded in 2016 by Gaurav Aggarwal, an alumni of IIT Guwahati and Shubham Maheshwari, an alumni of NIT Warangal, to focus and provide content on women’s health-related categories including pre-conception, pregnancy, and early child care.
Speaking on the investment, Gaurav said,
“Women are the primary purchase decision makers in most Indian households. Our data shows they are social in their decision making, underlining the importance of building trust through a strong network. To help them transact online, it is critical to innovate and provide for an online shopping experience similar to the offline world. Companies like BabyTree and Little Red Book in China have demonstrated that highly engaged networks can transition into large commerce platforms. We are very excited to be partnering with our investors in our next phase of growth given their expertise in their respective markets”.
Aimed at women in the age group 21-35, Healofy claims to have a community of over five lakh daily active users on its mobile application.
In future, the company plans to expand to newer categories such as fashion, food, and lifestyle and is also looking to make available its content in eight Indian languages.
Commenting on the fund raise, Huainan Wang, Founder and CEO, BabyTree said,
“We believe in the potential of she-economy in India. In China, leveraging content and social features, BabyTree seized the first-mover advantage of serving M&C population. We believe the excellent Healofy team can grow aggressively in this sector. What impressed me the most is Healofy’s founders’ capability in product design and user engagement. I believe that they will not only become a leader in terms of traffic, but also establish a strong business proposition.”