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HealthifyMe posts Rs 185 Cr revenue in FY22, losses surge 8X

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 March 31, 2022, or FY22.

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HealthifyMe posts Rs 185 Cr revenue in FY22, losses surge 8X

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  1. HealthifyMe posts Rs185Cr revenue inFY22, losses surge8X Consumer-focusedhealthcarecompanieswereontheriseduringpeakcovidduetosurgeindemand.OnesuchcompanyisKhoslaVentures-backedHealthifyMewhichmanagedtogrowmorethantwofoldduringthefiscalyearendingonMarch31,2022,orFY22. HealthifyMeWellnessPrivateLimited,theIndianentityofthegroup,postedRs185.25crorerevenueinFY22,a2.15XjumpfromRs86.05croreinFY21,accordingtothecompany’sstandalonefinancialstatementsfiledwithRoC. FY22wasaproductiveperiodforthecompanyduringwhichitrakedin$75millioninitsSeriesCfundingroundlastyearledbyLeapFrogandKhoslaVenturesatavaluationof$500-600million.Thecompanyhasraisedover$100milliontodate.ThecompanyalsoconductedanESOPbuybackprogramworth$12milliontoprovideliquiditytoalmost100ofitscurrentandformerteammembers. HealthifyMe,adecadeoldcompanylaunchedbyTusharVashisht,SachinShenoyandMathewCherian,usesacombinationofsoftware,wearabledevices,andfitnesstrainerstohelppeople

  2. reachtheirfitnessgoals.Itclaimstobeusedbyover30millionusersandhas2,000coachesacrossIndiaandSoutheastAsiatosupporttheseusers.reachtheirfitnessgoals.Itclaimstobeusedbyover30millionusersandhas2,000coachesacrossIndiaandSoutheastAsiatosupporttheseusers. AsperFintrackr’sanalysis,salesofnutritionandwellnessservicesarethemajorsourceofrevenueforHealthifyMewhichincreased96%toRs111.63croreinFY22fromRs56.96croreinprecedingfiscalyear(FY21).TheBengaluru-basedcompanyalsobookedRs72.1croreinFY22assaleofsupportservicestotheparentcompany.ThefigurestoodatRs27.27croreayearago. Movingovertothecostsheet,weseethatadvertisementandpromotionwasthelargestcostcenterforHealthifyMeforming39%oftheoverallcostwhichgrew5.2XtoRs133.18croreinFY22. Employeebenefitexpensesandfeestohealthcareconsultantsaretheothermajorexpensesfollowedbythecostofadvertisementforthehealthandwellnesscompanywhichsurged3.3Xand3.1Xrespectively.ThesecostsshotuptoRs93.84croreandRs80.25croreinFY22fromRs28.13croreandRs25.47croreinFY21. SoftwareandsubscriptioncostforHealthifyMeshotup3XtoRs8.13croreinFY22.ThecompanyaddedanotherRs3.21croreaslegalandprofessionalchargespushingtheoverallcost3.24XtoRs343.44croreinFY22fromRs105.82croreinthepreviousfiscalyear(FY21).Withahugesurgeintheoverallcost,lossesofthecompanyjumped8.26XtoRs157croreinFY22fromRs19croreintheprecedingfinancialyear(FY21). Astheoverallcostballooned,cashoutflowfromoperatingactivitiesalsospiked20XtoRs84croreinFY22.Onaunitlevel,HealthifyMespentRs1.85toearnasingleunitofoperatingrevenue,whereasthefiguresforthesamestoodatRs1.23inthepreviousyear(FY21).

  3. InApril,HealthifyMeclaimedthatithadcrossed$50million(aroundRs375crore)revenuerunrateinJanuary2022,andaimstocross$100million(nearlyRs800crore)inARRinthenext8months.Ithasalsosetatargettocrossturnoverof$500millionby2025.Aspermediareports,HealthifyMemayplantogopublicby2024.InApril,HealthifyMeclaimedthatithadcrossed$50million(aroundRs375crore)revenuerunrateinJanuary2022,andaimstocross$100million(nearlyRs800crore)inARRinthenext8months.Ithasalsosetatargettocrossturnoverof$500millionby2025.Aspermediareports,HealthifyMemayplantogopublicby2024. Afterthefirstwaveofthecoronaviruspandemic,HealthifyMealsolaunchedHealthifyStudiolastyearwhichofferslivegroupworkoutsessions.ThecompanycompeteswithGOQii,TataDigital-ownedCure.fitwhilestreamingplatformssuchasDisney+HotstarandYouTubersareitsindirectcompetition.InJune2020,Disney+HotstarenteredintoastrategicalliancewithBrilliantWellness,Cure.fitandSarvatoofferglobalhealthandwellnesscontenttoitssubscribers. Thefirm’sambitioustargetsareadirectfunctionofthefundsithasraised,orviceversa,dependingonyourperspective.ButthereislittledoubtthatwhilethemanagedhealthservicesorsupportmarkethasemergedinabigwayinIndia,itistoughtopredictjusthowfarthismarketcangrow.Willitprovetobeashallowmarketwithapotential100millionactiveusers,orcoulditlenditselftodeeperpenetrationwith150millionusers?HealthifyMeiscertainlylookingtofindthatoutinthecomingmonths,seeingtherateatwhichitisburningthroughadvertisingcampaignstodiscovernewusers.

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