Getty ImagesRelated
AI health and fitness app HealthifyMe has announced an equity buyback programme worth $12 million (Rs. 90 Crore).
Through this buyback, the company will provide liquidity to almost 100 of its key current and former team members who have played a significant role in its success. Prominent angel investors like Gopal Srinivasan, MD, TVS Capital Funds and Micromax will also receive up to 15X returns on their investment.
“As part of our employee retention programme, we are excited to provide liquidity to our teammates who have worked tirelessly through the years shaping our vision to reality. I am sure we will continue to do more of this in years to come as well,” Tushar Vashisht, CEO and co-founder, HealthifyMe, told ET.
The firm recently raised $75 million in a Series C round led by LeapFrog and Khosla Ventures to further deepen its presence in India and southeast Asia and expand into North America. Through the pandemic, the company has doubled its user base and revenue in the last one year. It crossed 25 million downloads recently and is on track to hit $50 million ARR within the next six months. Today, 25% of its revenues comes from outside of India.
The company has over 250 employees, with a physical presence in Bengaluru, Kuala Lumpur, and Singapore.
Through this buyback, the company will provide liquidity to almost 100 of its key current and former team members who have played a significant role in its success. Prominent angel investors like Gopal Srinivasan, MD, TVS Capital Funds and Micromax will also receive up to 15X returns on their investment.
“As part of our employee retention programme, we are excited to provide liquidity to our teammates who have worked tirelessly through the years shaping our vision to reality. I am sure we will continue to do more of this in years to come as well,” Tushar Vashisht, CEO and co-founder, HealthifyMe, told ET.
The firm recently raised $75 million in a Series C round led by LeapFrog and Khosla Ventures to further deepen its presence in India and southeast Asia and expand into North America. Through the pandemic, the company has doubled its user base and revenue in the last one year. It crossed 25 million downloads recently and is on track to hit $50 million ARR within the next six months. Today, 25% of its revenues comes from outside of India.
The company has over 250 employees, with a physical presence in Bengaluru, Kuala Lumpur, and Singapore.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.