Leading AI health and <keyword id="2014575" type="PERSON" weightage="20" keywordseo="fitness-app">fitness app</keyword> <keyword id="2698623" type="PERSON" weightage="20" keywordseo="HealthifyMe">HealthifyMe</keyword> on Tuesday announced it has raised $75 million (nearly Rs 560 crore) in a Series C round led by <keyword id="1175549" type="PERSON" weightage="20" keywordseo="leapfrog">LeapFrog</keyword> and <keyword id="130474" type="COMPANY" weightage="20" keywordseo="Khosla-Ventures">Khosla Ventures</keyword>. The company, which has raised over the total capital raised by HealthifyMe to over $100 million till now, said in a statement that it will use the funds to expand in India and Southeast Asia, make inroads into North America as well as to acquire relevant companies in the digital health and fitness space. It will also be investing heavily behind its AI powered HealthifySmart Plans and intends to double its current engineering and design strength. It will furthermore be hiring senior leadership members across operations, marketing, HR and technology. "We are already the market leaders in India and Southeast Asia and by combining AI and human empathy, we can deliver results in weight and lifestyle disease management at a fraction of the cost possible today," said <keyword id="2840907" type="PERSON" weightage="20" keywordseo="Tushar-Vashisht">Tushar Vashisht</keyword>, Co-founder and CEO, HealthifyMe. HealthQuad, <keyword id="2919607" type="ORGANIZATION" weightage="20" keywordseo="Unilever-Ventures">Unilever Ventures</keyword>, and Elm (Saudi Arabia PIF entity) also participated in the round, along with existing investors Chiratae Ventures, Inventus Capital and <keyword id="11674421" type="UNKNOWN" weightage="20" keywordseo="sistema-asia-capital">Sistema Asia Capital</keyword>. HealthifyMe said it has doubled its user base and revenue in the last one year during the pandemic. It crossed 25 million downloads recently and is on track to hit $50 million ARR (annual recurring revenue) within the next six months, potentially becoming the largest health and fitness app outside the US and China. While HealthifyMe's base has been India, it has been expanding internationally and now nearly 25 per cent of its revenues come from outside the country like Malaysia and Singapore. "What they have achieved in India with their AI coaching solution at scale is truly pioneering for the world. We are excited about the potential as they scale globally -- specifically in North America, where 2 out 3 adults are overweight or obese," said Vinod Khosla, Founding Partner at Khosla Ventures. HealthifyMe is also planning to invest in building its leadership team and will hire for key positions across operations, HR, technology and marketing as well as P&amp;L heads. The company aims to hire over 1,000 trainers and coaches this year. SEE ALSO - <a href="https://www.businessinsider.in/tech/mobile/news/apple-could-finally-bring-the-always-on-display-feature-on-the-iphone-13/articleshow/84542970.cms">Apple could finally bring the always-on display feature on the iPhone 13</a> <a href="https://www.businessinsider.in/stock-market/news/g-r-infraprojects-ipo-makes-a-strong-listing-on-exchanges-with-over-100-premium-shares-open-at-1700/articleshow/84542747.cms">G R Infraprojects IPO makes a strong listing on exchanges with over 100% premium, shares open at ₹1700</a>

HealthifyMe raises $75 million from US-based investors to make inroads into North America

<ul><li>In an interview with Business Insider, Andrey Terebenin, Managing Partner at the Singapore-based <keyword id="6368074" type="UNKNOWN" weightage="20" keywordseo="Sistema">Sistema</keyword> Asia Capital shares about their wins from the Reliance-Netmeds deal. </li><li>In 2017, Sistema along with Cambodian investment holding company Tanncam invested ₹90 crore in Netmeds.</li><li>They have 11 other investments in India including the $820 million cloud kitchens <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> Rebel Foods, meat delivery startup Licious, among others.</li></ul>Last week, the Mukesh Ambani-led <keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Retail acquired pharmacy startup Netmeds for a cash consideration of ₹620 crore. And through the deal, Netmeds’ barely three-year old investor Sistema Asia Capital got a sweet return on its investment. In an interview with Business Insider, Andrey Terebenin, Managing Partner at the Singapore-based Sistema Asia Capital shares their win from the Reliance-Netmeds deal and the future of their investments in India. ‘Saw Netmeds grow four times in three years’ In 2017, Sistema along with Cambodian investment holding company Tanncam invested ₹90 crore in Netmeds. While Terebenin didn’t share the exact number on their returns, he said the fund saw Netmeds grow over four times its original size in the past three years. “Naturally, this has yielded considerable returns and we are very happy with the final result. Safe to say, Netmeds has definitely been one of the success stories despite its relatively short-lived stay in our portfolio,” he said. The fund invests in companies which are “concentrated on technology-driven startups that have strong revenue streams and the potential for fast global scaling” and Terebenin says Netmeds fit nicely within their scope of investment. Over the years, Sistema says that it helped Netmeds grow its supply chain and distribution network. But did they expect a three-year exit? Terebenin explains that they decided to exit as the competition is rising in the Indian online pharmacy space. “We decided to rebalance our portfolio of companies and look into an exit, which is why we accepted Reliance’s timely offer and divested our stakes in Netmeds,” he said. The Indian pharmacy space has been buzzing with not just Reliance’s acquisition of Netmeds but also PharmEasy and MedLife moving the Competition Commission of India for their merger. MedLife will be selling all of its operations to PharmEasy, for an almost 20% stake in the latter. And then there are also the likes of Amazon and Flipkart who are looking to enter the space. Second exit in India – two, three more investments on the way before the year end For Sistema, Netmeds is the second exit in India. Their first exit was in 2019, it exited the gifting card solutions provider, Qwikcliver, which was acquired by Pine Labs. They have 11 other investments in India including the $820 million cloud kitchens startups Rebel Foods, meat delivery startup Licious, among others. “We are looking to invest in another two or three more before we close this fund (by the end of 2020),” said Terebenin. The fund invests in consumer tech and enterprise tech, but across various sectors. Their investment ranges between $2-$4 million, but they also do additional investment rounds as the startup scales. SEE ALSO: <a href="https://www.businessinsider.in/retail/news/heres-why-reliance-retail-with-almost-12000-stores-bought-future-retail-which-has-just-1500-outlets/articleshow/77843965.cms">Here’s why Mukesh Ambani bought Future Retail even though Reliance is almost ten times bigger</a> <a href="https://www.businessinsider.in/retail/news/ambani-vs-damani-indias-635-billion-retail-ring-will-see-the-countrys-two-richest-men-battle-with-different-strategies/articleshow/77846555.cms">Ambani vs Damani ⁠— India’s $635 billion retail ring will see the country’s two richest men⁠ battle with different strategies</a>

INTERVIEW: Armed with returns from the Reliance-Netmeds deal, this fund will now invest in two-three more startups before the end of the year

<ul><li>The two new <keyword id="2023017" type="ORGANIZATION" weightage="20" keywordseo="unicorns">unicorns</keyword> are <keyword id="2848710" type="PERSON" weightage="20" keywordseo="Innovaccer">Innovaccer</keyword>, a healthtech firm, and <keyword id="8032183" type="UNKNOWN" weightage="20" keywordseo="Infra-Market">Infra.market</keyword>, a startup in the real estate space.</li><li>While Innovaccer’s valuation jumped three times in seven months to $1.3 billion, Infra.market’s valuation was last known to be just $200 million in December 2020.</li><li>While Innovaccer, founded in 2014, has raised a total of $225 million, the four-year old Infra.market has raised $150 million till date.</li></ul>India added two new unicorns this week to its rapidly growing club of <keyword id="6362513" type="UNKNOWN" weightage="20" keywordseo="startups">startups</keyword> with over a billion dollar valuations. Innovaccer, a healthcare technology company, and Infra.market, a startup that helps real estate companies to procure materials, have both raised funds this week and become the latest unicorns. Interestingly, both the companies have seen their valuations swell in just a matter of months, in a pandemic period. Innovaccer’s valuation jumped three times in seven months to $1.3 billion and Infra.market’s valuation was last known to be $200 million in <a href="https://techcrunch.com/2021/02/25/infra-market-becomes-newest-indian-unicorn-with-100-million-fundraise/">December 2020</a>, and within three months its valuation has crossed a billion dollars. The startups are not like many other Indian companies who have raised billions of dollars. Instead, both the startups have achieved the status with minimal funding. While Innovaccer, founded in 2014, has raised a total of $225 million, the four-year old Infra.market has raised $150 million till date. What does Innovaccer do? Through a Data Activation Platform, Innovaccer connects healthcare data across verticals, and provides unified patient records as well as insights for better patient outcomes. The San Francisco-headquartered startup claims that by the end of 2021, it would have grown with a Compound annual growth rate (CAGR) of 5%. Innovaccer was founded in 2014 by Indian Institute of Technology (IIT) graduates Sandeep Gupta, Abhinav Shashank and Kanav Hasija. With the latest fundraise from Tiger Global Management and existing investors Steadview Capital, Dragoneer, B Capital Group, Mubadala Capital and M12 (Microsoft's Venture Fund), the startup will now be launching the Innovaccer Health Cloud – “a platform as a service that combines the company’s Data Activation Platform and application suite with an extensive set of platform services and tools that allow customers and partners to easily develop interoperable applications that improve patient outcomes and lower costs”. “Over the last ten years, we have spent billions of dollars digitizing healthcare information with great success. That was step #1 of the journey. Now, we have troves of information on our health locked in electronic silos. We need to bring this information together using a cloud platform that not only unlocks the power of the data, but also provides a platform on which new digital services and solutions can be built with native interoperability,” said Shashank, co-founder and chief executive officer at Innovaccer in a statement. What does Infra.market do? Based out of Mumbai, Infra.market is targeting India’s booming real estate market. It helps construction companies procure materials as well as helps with the logistics of it. The startup was founded in 2016, by Indian Institute of Management (IIM) graduates Aaditya Sharda and Souvik Sengupta, counts the likes of Larsen &amp; Toubro, Tata Projects and Ashoka Buildcon as its clients. According to <a href="https://techcrunch.com/2021/02/25/infra-market-becomes-newest-indian-unicorn-with-100-million-fundraise/">reports</a>, Infra.market which was also hit by the pandemic and saw its businesses halt for two months during lockdown, has recovered quickly and is aiming for a $180 million annual run rate in FY21. Infra.market’s series C funding round was led by Tiger Global and also saw participation from its existing investors Nexus Venture Partners, Accel Partners, Sistema Asia Fund, Evolvence India Fund, and Fundamental Capital GmbH. SEE ALSO: <a href="https://www.businessinsider.in/tech/apps/news/whatsapp-signal-and-telegram-face-a-catch-22-situation-as-indias-new-social-media-rules-threaten-encryption/articleshow/81221070.cms">Whatsapp, Signal and Telegram face a catch-22 situation as India’s new social media rules threaten encryption</a> <a href="https://www.businessinsider.in/business/startups/news/a-candid-kavin-mittal-admits-his-mistakes-as-he-reinvents-hike-and-plans-fresh-fundraising-this-year/articleshow/81204449.cms">A candid Kavin Mittal admits his mistakes as he reinvents Hike and plans fresh fundraising this year</a>

India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months

<ul><li><keyword id="10926" type="CITY" weightage="20" keywordseo="Reliance">Reliance</keyword> Industries is looking to buy a majority stake in the online pharmacy company <keyword id="2875740" type="PERSON" weightage="20" keywordseo="Netmeds">Netmeds</keyword>.</li><li>The talks of stake purchase in Netmeds come at a time when Mukesh Ambani is doubling down on its e-commerce venture <keyword id="8506093" type="UNKNOWN" weightage="20" keywordseo="Jiomart">JioMart</keyword>. </li><li> In 2019, Reliance had acquired 82% stake in C-Square solutions, a Bengaluru-based startup which provides software solutions to pharma companies. </li></ul>Mukesh Ambani is strengthening his e-commerce segment and is now reportedly looking to include e-pharmacy in his list of acquisitions. According to a <a href="https://timesofindia.indiatimes.com/business/india-business/reliance-plans-to-buy-e-pharmacy-netmeds/articleshow/75564362.cms">TOI report,</a> Reliance is looking to buy a majority stake in the online pharmacy company Netmeds. Netmeds, which was facing challenges in delivery during lockdown, had already partnered with <keyword id="58448" type="COMPANY" weightage="20" keywordseo="Reliance-Retail">Reliance Retail</keyword> to deliver medicines in April 2020. The deal talks with Netmeds has come at a time when Reliance is doubling down on its e-commerce venture JioMart. While limited to grocery so far, JioMart had begun operations in Navi Mumbai, Thane and Kalyan. With the Facebook investment, Reliance Retail and WhatsApp are now in a commercial partnership to accelerate JioMart’s growth. Through <a href="https://www.businessinsider.in/tech/news/whatsapp-has-reportedly-listed-giving-loans-as-a-main-objective/articleshow/75445825.cms">JioMart and WhatsApp,</a> the entities will now help support consumer businesses. <div type="Article" hostid="261" msid="75548041" title="Both Silver Lake and Mukesh Ambani hope that Reliance Jio will replicate Alibaba's magic⁠ — and this time Zuckerberg will get a chunk" mstype="2" mssubtype="0"></div> The ten-year old Netmeds Founded in 2010 by Pradeep Dadha, the startup has so far raised about $100 million from investors like Sistema Asia Fund, Cambodian investment company Tanncam, private equity firm OrbiMed and others. The company claims to deliver products to over 19,000 pin codes across the country and has a 4 million user base. But this isn’t the first pharma related acquisition by Reliance. In 2019, Reliance had acquired 82% stake in C-Square solutions, a Bengaluru-based startup which provides software solutions to pharma companies. Reliance has also been strengthening its position in e-commerce by acquiring companies like e-commerce platform Fynd, digital solutions startup NowFloats, grocery delivery startup Grab, and AI-based chat solutions company Haptik. See Also: <a href="https://www.businessinsider.in/international/news/facebook-google-apple-and-microsoft-paid-h1-b-workers-below-market-wages-says-a-new-report/articleshow/75567713.cms">Facebook, Google, Apple and Microsoft paid H1-B workers below market wages, says a new report</a> <a href="https://www.businessinsider.in/business/corporates/news/both-silver-lake-and-mukesh-ambani-hope-that-reliance-jio-will-replicate-alibabas-magic-and-this-time-zuckerberg-will-get-a-chunk/articleshow/75548041.cms">Both Silver Lake and Mukesh Ambani hope that Reliance Jio will replicate Alibaba's magic⁠ — and this time Zuckerberg will get a chunk</a>

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HealthifyMe raises $75 million from US-based investors to make inroads into North America

IANS

INTERVIEW: Armed with returns from the Reliance-Netmeds deal, this fund will now invest in two-three more startups before the end of the year

Sanchita Dash

India saw the birth of two new unicorns this week – both their valuations have swelled multiple times in just a few months

Sanchita Dash

Netmeds partnered with Reliance Retail in April⁠— now Mukesh Ambani reportedly wants a stake

Sanchita Dash