HealthifyMe posts Rs 185 Cr revenue in FY22, losses surge 8X
                     HealthifyMe posts Rs 185 Cr revenue in 
FY22, losses surge 8X
Consumer-focused  healthcare  companies  were  on  the  rise  during  peak  covid  due  to  surge 
 in demand. One  such  company  is  Khosla  Ventures-backed  HealthifyMe  which  managed  to  
grow more than two fold during the fiscal year ending on March 31, 2022, or FY22.
HealthifyMe  Wellness  Private  Limited,  the  Indian  entity  of  the  group,  posted  Rs  185.25  
crore revenue  in  FY22,  a  2.15X  jump  from  Rs  86.05  crore  in  FY21,  according  to  the  
company’s standalone financial statements filed with RoC.
FY22 was a productive period for the company during which it raked in $75 million in its Series 
C  funding  round  last  year  led  by  LeapFrog  and  Khosla  Ventures  at  a  valuation  of  $500-
600 million.  The  company  has  raised  over  $100  million  to  date.   The  company  also  
conducted  an ESOP  buyback  program  worth $12  million to  provide  liquidity  to  almost  100  
of  its  current  and former team members.
HealthifyMe, a decade old company launched by Tushar Vashisht, Sachin Shenoy and Mathew 
Cherian, uses a combination of software, wearable devices, and fitness trainers to help people
reach their fitness goals. It claims to be used by over 30 million users and has 2,000 coaches 
across India and Southeast Asia to support these users.
As  per Fintrackr’s  analysis,  sales  of  nutrition  and  wellness  services  are  the  major  source  
of revenue for HealthifyMe which increased 96% to Rs 111.63 crore in FY22 from Rs 56.96 
crore in  preceding  fiscal  year  (FY21). The  Bengaluru-based  company  also  booked  Rs  72.1 
 crore  in FY22 as sale of support services to the parent company. The figure stood at Rs 
27.27 crore a year ago.
Moving  over to the cost sheet,  we see that advertisement and promotion was the largest 
cost center for  HealthifyMe  forming  39%  of the  overall  cost  which  grew 5.2X  to  Rs 133.18  
crore in FY22.
Employee  benefit  expenses  and  fees  to  healthcare  consultants  are  the  other  major  
expenses followed by the cost of advertisement for the health and wellness company which 
surged 3.3X and 3.1X respectively. These costs shot up to Rs 93.84 crore and Rs 80.25 crore 
in FY22 from Rs 28.13 crore and Rs 25.47 crore in FY21.
Software  and  subscription  cost  for  HealthifyMe  shot  up  3X  to  Rs  8.13  crore  in  FY22.  
The company  added  another  Rs  3.21  crore  as  legal  and  professional  charges  pushing  the  
overall cost 3.24X to Rs 343.44 crore in FY22 from Rs 105.82 crore in the previous fiscal year 
(FY21). With a huge surge in the overall cost, losses of the company jumped 8.26X to Rs 157 
crore in FY22 from Rs 19 crore in the preceding financial year (FY21).
As the overall  cost ballooned, cash outflow from operating  activities also  spiked 20X  to Rs 
84 crore  in  FY22.  On  a  unit  level,  HealthifyMe  spent  Rs  1.85  to  earn  a  single  unit  of  
operating revenue, whereas the figures for the same stood at Rs 1.23 in the previous year 
(FY21).
In April, HealthifyMe claimed that it had crossed $50 million (around Rs 375 crore) revenue run 
rate in January 2022, and aims to cross $100 million (nearly Rs 800 crore) in ARR in the next 8 
months. It has also set a target to cross turnover of $500 million by 2025. As per media reports, 
HealthifyMe may plan to go public by 2024.
After the first wave of the coronavirus pandemic, HealthifyMe also launched HealthifyStudio last 
year which offers live group workout sessions. The company competes with GOQii, Tata Digital- 
owned  Cure.fit  while  streaming  platforms  such  as  Disney+  Hotstar  and  YouTubers  are  its 
indirect competition. In June 2020, Disney+ Hotstar entered into a strategic alliance with Brilliant 
Wellness, Cure.fit and Sarva to offer global health and wellness content to its subscribers.
The  firm’s  ambitious  targets  are  a  direct  function  of  the  funds  it  has  raised,  or  vice  
versa, depending on your perspective. But there is little doubt that while the managed health 
services or  support  market  has  emerged  in  a  big  way  in  India,  it  is  tough  to  predict  just  
how  far  this market can grow. Will it prove to be a shallow market with a potential 100 million 
active users, or could it lend itself to deeper penetration with 150 million users? HealthifyMe is 
certainly looking to find that out in the coming months, seeing the rate at which it is burning 
through advertising campaigns to discover new users.