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Health and fitness startup HealthifyMe’s parent entity HealthifyMe Wellness Private Limited saw its net loss widen by over 8X to INR 157 Cr in the financial year 2021-22 (FY22), as per its regulatory filing.

The startup had reported a net loss of INR 19 Cr in the previous fiscal year.

HealthifyMe’s loss increased despite a 115% surge in revenue from operations. The startup earned a total operating revenue of INR 185.2 Cr in FY22 as against INR 86 Cr in FY21.

HealthifyMe’s revenue from India was the highest at INR 111.6 Cr in FY22, almost double from the last year’s figure of INR 56.9 Cr.

The startup generated a revenue of INR 73.6 Cr in the year from its business outside India versus INR 29.1 Cr in FY21.

It has a presence in Southeast Asian countries like Malaysia and Singapore.

The consumer-centric healthcare startup reported total expenses of INR 343.4 Cr in FY22 versus INR 105.8 Cr in FY21, with advertising and promotional expenses contributing the biggest.

HealthifyMe spent INR 133.2 Cr on promotions and advertisement in FY22 as against INR 24.5 Cr in FY21. The next big portion of its expenditure was on employee benefits, with the startup spending INR 93.8 Cr in FY22 as against INR 28.1 Cr in FY21.

In August 2021, HealthifyMe announced a $12 Mn (INR 90 Cr) equity buyback programme for its employees to provide liquidity to about 100 current and former key team members.

Another large portion of its total expenses, INR 93.8 Cr, went into its miscellaneous bucket of spending in FY22. It stood at INR 42.7 Cr in FY21.

Besides, HealthifyMe also spent INR 8.1 Cr on subscription fees in FY22, which more than tripled year-on-year (YoY). Its legal professional charges also grew almost 3X in FY22 to INR 3.2 Cr.

Founded in 2012 by Tushar Vashisht and Sachin Shenoy, HealthifyMe’s health and fitness app leverages AI to deliver measurable results on eating habits, fitness and weight by tracking lifestyle and providing access to coaches, among other benefits.

In April, the startup said it crossed $50 Mn in revenue run rate (ARR) in January 2022 and that it was aiming to cross $100 Mn in ARR in the next few months. HealthifyMe is targeting a turnover of over $500 Mn by 2025.

In July last year, the startup raised $75 Mn in its Series C funding round led by LeapFrog and Khosla Ventures with participation from HealthQuad, Unilever Ventures, and others. With the fundraising, the startup also took its offerings global — North America being a key part. 

However, the name of HealthifyMe’s Singapore-based holding entity, HealthifyMe Pte Ltd, appeared in the Pandora papers for connection with Lang Capital Fund (LCF), owned by Kirill Androsov, a businessman and former aide to Russian president Vladimir Putin last year.

Pandora Papers had leaked 11.9 Mn files revealing the hidden wealth of some famous people globally.