HealthifyMe posts 1.2X jump in revenue while slightly narrowing losses
The standalone losses dropped by 9% to Rs 142 crore. This is significant as the company saw an 8X rise in its losses at Rs 157 crore in FY22.
Khosla Ventures-backed posted a 1.2X jump in its operating revenue while slightly narrowing its losses.
HealthifyMe Wellness Private Limited, the Indian entity of the group, clocked a standalone operating revenue of Rs 228.7 crore in FY23 compared to Rs 185 crore last fiscal, as per its regulatory filing.
Meanwhile, the losses dropped by 9% to Rs 142 crore. This is significant as the company saw an 8X rise in its losses at Rs 157 crore between March 2021 and March 2022.
Comparatively, the healthtech company had better control over its costs in FY23. The expenses were slightly up by 7% to Rs 371.7 crore compared to Rs 343 crore incurred in the preceding financial year— when it had ballooned by 227%.
On the revenue front, the nutrition and wellness coaching services were the major contributor which increased by 25% from Rs 111.6 crore to Rs 139 crore in FY23. However, the momentum slowed down compared with last year when the company clocked 96% growth for the segment.
The Bengaluru-based company also booked Rs 74 crore in the form of support services to the parent company. The figure stood at Rs 72 crore a year ago.
Started by Tushar Vashisht, Sachin Shenoy and Mathew Cherian, the HealthifyMe app claims to have a user base of 35 million across 300+ cities, and has onboarded over 1,000 coaches.
In June, HealthifyMe raised $30 million in its pre-Series D funding round led by LeapFrog Investments and Khosla Ventures. The round also saw participation from new investors FinnFund, a Finnish development financier, and Van Lanschot Kempen, a Dutch investment firm. It has raised $130 million to date.
In its statement, the company, which holds a physical presence in Bengaluru, Kuala Lumpur and Singapore, said it would achieve an ARR of $50 million in the coming months.
It is also working on developing AI solutions that will facilitate multi-country coaching capabilities for its nutritionists, with ~20% of its revenues stemming from international markets currently, it added.
Edited by Kanishk Singh