HealthifyMe announces equity buyback programme worth $12M
Healthtech startuprecently announced an equity buyback programme worth $12 million (Rs 90 crore). Prominent angel investors like TVS Capital Funds MD Gopal Srinivasan and Micromax will also receive up to 15X returns on their investment, it added.
The development comes close on the heels of a $75 million (about Rs 559.6 crore) fundraise by the startup from investors, including LeapFrog and Khosla Ventures.
"Through this buyback, the startup will provide liquidity to almost 100 of its key current and former team members who were early believers in the company's vision and have played a significant role in its success," a statement said
The company said the shares of the investors are being bought back by its treasury.
As part of our employee retention programme, we are excited to provide liquidity to our teammates who have worked tirelessly through the years, shaping our vision into reality. I am sure we will continue to do more of this in years to come as well, HealthifyMe CEO and Co-founder Tushar Vashisht said.
Founders Tushar Vashisht and Sachin Shenoy
In July, HealthifyMe had announced its $75 million Series C round, which it said it will use to further deepen its presence in India and Southeast Asia and expand into North America. The startup has doubled its user base and revenue in the last year.
It crossed 25 million downloads recently and is on track to hit $50 million annual recurring revenue (ARR) in the next six months, the statement said.
At present, 25 percent of HealthifyMe's revenue comes from international operations, it added.