Having recently raised millions of dollars in funds, HealthifyMe, the AI health and fitness app, has now announced an ESOP and equity buyback programme worth Rs 90 crore, that is, about $12 million. As a result of this employee-retention programme, about 100 of its team members, both current and former, will gain. This also means that its angel investors will get a return of up to 15 times of what they invested in the Company.
The Company, which has presence in Bangalore, Kuala Lumpur and Singapore, has over 250 employees and earns 25 per cent of its revenues from outside India. It has already been downloaded by over 25 million people. It expects to attain $50 million annual recurring revenue (ARR) before March 2022. The digital-wellness programme caters to more than 25 million users in over 100 cities, with the help of more than 1,500 coaches.
The ESOP and equity buyback programme is the Company’s way of offering liquidity to its employees who have worked hard and with sincerity to make the app what it is today.
Earlier, in a series C funding round, the health and fitness app had managed to raise $75 million with the help of LeapFrog and Khosla Ventures. This funding had helped it to strengthen its presence in India and Southeast Asia. This capital had also facilitated its expansion into North America.
The app uses human coaches in combination with artificial intelligence to offer sound nutritional advice, fitness sessions, and effective diet and exercise plans.