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<ul><li>The company said in a statement that it "had to take the tough decision to let go 150 of our team members".</li><li>The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup.</li><li>According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches.</li></ul>Leading AI health and fitness platform <keyword id="2698623" type="General" weightage="100" keywordseo="healthifyme" source="Orion">HealthifyMe</keyword> has sacked at least 150 employees as the company's growth did not "keep pace with expectations and hiring". The company has a physical presence in Bengaluru, Delhi, Mumbai, Chennai and Singapore. The company said in a statement that it "had to take the tough decision to let go 150 of our team members". "Like much of tech, growth hasn't kept pace with expectations and hiring," the company added. The platform offered a severance package of two months to the laid-off employees, with two weeks per year served at the startup. "As a part of our severance and support to those impacted, we will offer 2 months' salary severance with 2 weeks per year served at HealthifyMe, vested stocks till March 2023, and medical insurance continuance till June 2023, along with counseling and outplacement support," said the company. According to the company, it caters to more than 30 million users in over 300 cities with over 2,000 coaches. The <keyword id="2534058" type="General" weightage="20" keywordseo="healthtech" source="Orion">healthtech</keyword> platform in July this year raised $75 million (nearly Rs 560 crore) in a Series C round led by <keyword id="15700419" type="General" weightage="50" keywordseo="leapfrog-and-khosla-ventures" source="Orion">LeapFrog and Khosla Ventures</keyword>. The company aimed to use the funds to expand in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> and <keyword id="53564" type="General" weightage="50" keywordseo="southeast-asia" source="Orion">Southeast Asia</keyword>, make inroads into <keyword id="6378080" type="General" weightage="50" keywordseo="north-america" source="Orion">North America</keyword> as well as to acquire relevant companies in the digital health and fitness space. "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," Tushar Vashisht, Co-founder and CEO, HealthifyMe, had said in a statement. 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, it had said in July. The company had also said to hire over 1,000 trainers and coaches this year. "We are also undergoing an evolution with our new vision around metabolic health (HealthifyMe 2.0) which requires different resources. In view of this and changing market dynamics, it made sense for us to steer toward profitability, despite a comfortable runway," the company spokesperson said in the latest statement. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/entertainment/news/ayushmann-khurranas-doctor-g-set-for-ott-debut-on-netflix/articleshow/95995391.cms">Ayushmann Khurrana's 'Doctor G' set for OTT debut on Netflix</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/expect-nifty-to-end-the-december-series-on-a-positive-note-reach-a-target-of-18900-19000-says-r-venkataraman-of-iifl-securities/articleshow/95992944.cms">Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/dharmaj-crop-guard-ipo-how-you-can-check-the-allotment-status/articleshow/95992589.cms">Dharmaj Crop Guard IPO : Here’s how you can check the allotment status</a>

HealthifyMe sacks about 150 employees, says growth didn't keep pace with hiring

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>Pandora Papers reveals 12 million documents and files exposing the “secret wealth” and dealing of world leaders, politicians and public figures.</li><li>A “compliance report” of Singapore-based watchdog AsiaCiti Trust had flagged <keyword id="12260245" type="General" weightage="20" keywordseo="kirill-androsov" source="Orion">Kirill Androsov</keyword>’s Lang Capital Fund (LFC) as a PEP, which has a higher risk of indulging in bribery or corruption.</li><li><keyword id="2698623" type="General" weightage="20" keywordseo="healthifyme" source="Orion">HealthifyMe</keyword> noted LCF was a publicly listed trust at the time of their investment and they were not aware of the PEP links.</li></ul>Indian fitness and health platform HealthifyMe’s name has surfaced in the Pandora Papers, which is a leak that reveals 12 million documents and files exposing the “secret wealth” and dealing of world leaders, politicians and public figures. Names of several prominent Indians — including cricketing legend<a href="https://www.businessinsider.in/india/news/anil-ambani-sachin-tendulkar-kiran-shaw-and-other-indians-named-in-the-pandora-papers-leak/articleshow/86745435.cms"> Sachin Tendulkar, businessman Nirav Modi, Biocon’s Kiran Mazumdar Shaw </a>and Reliance Communication’s Anil Ambani — have surfaced in Pandora papers as well. Now the name of HealthifyMe’s Singapore-based parent company HealthifyMe Pte Ltd appears in connection with Lang Capital Fund (LFC) owned by Kirill Androsov, businessman and a former aide of Russian President Vladimir Putin. A “compliance report” of Singapore-based watchdog AsiaCiti Trust, dated February 27 of 2018, mentions that at least four transactions made by Androsov’s LFC fund were marked as “high risk” due to their “PEP [Politically exposed Person]-related structure”. AsiaCiti has filed a similar <a href="https://www.theguardian.com/news/2021/oct/03/offshore-provider-accused-of-failing-to-follow-money-laundering-rules">report </a>in October 2014 as well, which named LFC. PEP adds an additional risk exposure for involvement in money laundering, bribery or corruption due to holding/having connections with high profile political roles or who has been entrusted with a prominent public function. A PEP status does not signify criminal behaviour. HealthifyMe claims that they were not aware of LFC’s PEP risk and connection with Putin. "At the time of taking investment from LCF — LCF was a publicly listed trust on the SGX [Singapore Exchange] and therefore was not wholly owned by any PEP. Singapore KYC requirements allowed HealthifyMe to take capital from any publicly listed trust without further investigation," the company said in a <a href="https://medium.com/@healthifyme/statement-from-healthifyme-35335d3cc88c" data-type="tilCustomLink">blogpost</a>, adding that LFC owns only 2% stake in the company. The Indian Express <a href="https://indianexpress.com/article/express-exclusive/pandora-papers-tushar-vashisht-healthifyme-7554466/" data-type="tilCustomLink">report</a> further reveals:<ul><li>HealthifyMe Pte Ltd (founded in 2015) set up an Indian entity HealthifyMe Wellness Private Limited (HRPL) in 2018.</li><li>As of March 2020, HealthifyMe’s founder <keyword id="2840907" type="General" weightage="20" keywordseo="tushar-vashisht" source="Orion">Tushar Vashisht</keyword> held 10 shares in HealthifyMe Wellness Private Limited (HWPL).HealthifyMe Pte Ltd held 2,43,318 shares. They are the only shareholders.</li><li>The LCF transaction under question included a payment that was made “for the subscription of 122,066 Series B2 Compulsorily Convertible and Non-Cumulative Preference Shares in HealthifyMe’s Singapore-based entity.</li><li>The company did not reveal the shareholding and directorship patterns to the directors of HealthifyMe Wellness Products and Services Private Limited between FY2015-2018.</li></ul>“Certain media reports on Pandora Papers have falsely claimed HealthifyMe Cofounder &amp; CEO Tushar Vashisht owning shell companies or Singapore hold-cos with connections to Politically Exposed Persons. We wish to clarify that these stories are inaccurate and have grossly misrepresented the facts,” a HealthifyMe Spokesperson told Business Insider. The company also noted that Vashisht is a minority shareholder in HealthifyMe Pte India, which counts Khosla Ventures, Leapfrog, Inventus, Chirata Ventures as shareholders. HealthifyMe’s co-founder claims to have no direct or indirect shareholdings in Lang Capital Fund, AsiaCiti Trust or Atlas Asset Management or other such companies mentioned in the article. HealthifyMe also told Business Insider that Vashisht was the sole director in HealthifyMe Wellness Products and Services Private Limited and the filings about directorships/shareholdings were never made. “Lang Capital Fund specifically has a 2% investment/shareholding in HealthifyMe Pte Ltd. It was an investment accepted by the company after following all applicable laws and KYC as a part of its Series B fundraise in 2018,” the company added. <div type="ExtQuote" text="&quot;Certain media outlets have created a false narrative. HealthifyMe, myself or my family are not in any pandora papers and neither do we have any connections with PEPs - we definitely do not know Putin or anyone linked to him! HealthifyMe is owned by some of the top VCs in the world. One of our minority investors (LCF) holding 2% of our parent company seems to be under question for PEP risk. That investor was a Publicly Listed Company in SGX when our board sanctioned their investment following all KYC norms in 2018. This is a case of unfortunate sensationalist reporting where focus on the real story has been shifted to a misleading startup victimization.&quot;" auname="Tushar Vashisht, cofounder and CEO of HealthifyMe, told Business Insider"></div> SEE ALSO <a href="https://www.businessinsider.in/cryptocurrency/news/justice-department-announces-cryptocurrency-enforcement-team-to-tackle-money-laundering-and-ransomware-attacks/articleshow/86827485.cms" data-type="tilCustomLink">Justice Department announces 'Cryptocurrency Enforcement Team' to tackle money laundering and ransomware attacks</a> <a href="https://www.businessinsider.in/stock-market/news/aditya-birla-sun-life-amc-ipo-how-to-check-for-your-refund-if-you-have-not-received-the-allotment/articleshow/86817773.cms" data-type="tilCustomLink">Aditya Birla Sun Life AMC IPO: How to check for your refund if you have not received the allotment</a> <a href="https://www.businessinsider.in/retail/news/the-ex-ceo-of-pepsi-said-asking-for-a-raise-is-cringeworthy/articleshow/86825324.cms" data-type="tilCustomLink">The ex-CEO of Pepsi said asking for a raise is 'cringeworthy'</a>

HealthifyMe’s name surfaces in connection with Pandora Papers for having links with Putin’s former aide

<div class="KonaFilter image-container float_right"><div class="image on-image"><a href="http://www.linkedin.com/in/dpandey">LinkedIn/Dheeraj Pandey</a>Dheeraj Pandey co-founder and CEO Nutanix</div></div>Keep your eye on an up-and-coming <keyword id="6356323" type="UNKNOWN" weightage="100" keywordseo="Enterprise">enterprise</keyword> startup called Nutanix, which is in the process of raising a huge $100 million round of venture investment, according to documents filed by the company and unearthed by <a href="https://vcexperts.com/">VCExperts.</a>
If the company is successful in this raise (and it wouldn't have authorized the shares otherwise), it will have landed $171 million in total funding. That <a href="http://www.nutanix.com/2012/08/22/nutanix-raises-33m-in-massively-oversubscribed-series-c/">includes a healthy $33 million raised in 2012</a> from backers including Lightspeed Venture Partners, Khosla Ventures, Battery Ventures, and Goldman Sachs.
Its valuation could be between $800 million to $900 million, VCExperts Justin Byers told Business Insider.
Next stop could be an IPO. Nutanix is one of the startups rumored to go public in 2014.
Sources close to the company told Business Insider it will have an announcement "soon." Nutanix declined comment.
This raise helps Nutanix leapfrog its biggest competitor, SimpliVity, which announced a big investment of its own last month, <a href="http://www.businessinsider.com/simplivity-ceo-tried-to-kill-saddam-hussein-2013-11">$58 million</a>. SimpliVity has raised $101 million to date.
Both of these companies offer an all-in-one hardware box for corporate data centers that combines a computer server and storage. In Nutanix's case, it uses flash storage <a href="http://www.nutanix.com/2012/08/23/nutanix-complete-cluster-brings-san-free-virtualization-to-hadoop/">from partner Fusion-io</a>. A company can snap together multiple Nutanix boxes and they all work together. If one box needs to store more data than it has room for on its own hard drive, it simply uses a drive attached to another computer.
The concept is called "virtualized storage" and it means that companies no longer have to build expensive, separate storage networks with gear from EMC or NetApp.
Here's a copy of the form that indicates Nutanix has authorized 13,957,445 preferred shares at $7.2885 per share.

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HealthifyMe sacks about 150 employees, says growth didn't keep pace with hiring

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HealthifyMe’s name surfaces in connection with Pandora Papers for having links with Putin’s former aide

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