‘Healthify business to be Ebitda-profitable’
Health-tech startup Healthify’s (formerly HealthifyMe) India business will turn profitable at the Ebitda level by the end of the year, a top executive at the company said.
The company is also looking to expand to 20 markets, including the US and the UK, by the end of the year, said Tushar Vashisht, founder and CEO of Healthify.
The startup, which has raised about $130 million in total from investors like LeapFrog and Khosla Ventures, is aiming to turn profitable amid a broader push for better unit economics and profits, even for growth-oriented startups.
The Bengaluru-based startup decreased its losses from ₹157 crore in FY22 to ₹142 crore in FY23. Revenue increased from ₹185 crore to ₹229 crore over the same period.
“Our focus will be to turn our investments and burn towards our global prospects. There we’ll continue to burn some capital, but the India business’ path and journey now is to be fully profitable at an Ebitda level,” Vashisht said.
He added that the company’s mission and charter was evolving rapidly.
“From being an Indian company now, chances are we’ll be a heavily global company before FY25 ends. Even our models are going to emerge and evolve. The
US, UK, and Middle East are definitely on our radar, and then we’re looking at some other geographies as well.”
On whether the company plans to raise funds to fuel its global expansion, he said, “I think raising more capital will be valuable and it’s something that we’re contemplating. I intend to speak to my board about it at the next board meeting.”
Healthify is a fitness app that offers personalised meal plans, wellness coaching, calorie tracking and workout plans, among other services. It competes with fitness startup Cult Fit, which is also eying profitability by FY25. Other startups in the space include FITTR and GOQii.
The company, Vashisht said, is also looking to tap the B2B market.
“Rather than being a pure consumer company, we have tremendous interest from various partners including global leaders in pharma, health tech, connected fitness and insurance who want to licence our technology for their markets. I don’t know how those circumstances will play out. It’s possible that we will become a B2Bdominant, global business,” the CEO added.
The health-tech startup is also looking to expand to 20 markets, including the US and the UK, by year-end