AAA HealthifyMe pays $12m for stock buyback

HealthifyMe pays $12m for stock buyback

Mobile device maker Micromax Informatics is selling stock in India-based wellness management app developer HealthifyMe through a $12m share repurchasing plan, the Economic Times reported today.

Early investors including Micromax and Gopal Srinivasan will get up to 15-times returns in the deal, which will allow nearly 100 of HealthifyMe’s current and previous employees to receive liquidity, according to company CEO Tushar Vashisht.

Incubated by software provider Microsoft’s Accelerator, HealthifyMe runs an artificial intelligence-infused health and fitness app that is equipped with a calorie counter and an exercise log. The company has raised over $100m since it was founded in 2012.

Sistema Asia Capital and Unilever Ventures, respective vehicles for conglomerate Sistema and consumer product provider Unilever, participated in a $75m series C round last month co-led by Elm, Leapfrog and Vinod Khosla and backed by Chiratae Ventures, HealthQuad and Inventus Capital.

Sistema Asia Capital had joined Samsung Next, a subsidiary of consumer electronics manufacturer Samsung, as well as Chiratae Ventures, Inventus Capital, Innoven Capital and Blume Ventures to supply $6m in series B funding in 2018.

Samsung Next, Sistema Asia Fund and holding group Nava Bharat Ventures had all backed a $12m first close for HealthifyMe’s series B round earlier in the same year that included Chiratae (then called IDG Ventures India), Inventus, Blume Ventures, Dream Incubator and Atlas Asset Management.

The company’s $6m series A round was co-led by Nava Bharat Ventures, IDG Ventures India, Inventus Capital and Blume Ventures in 2016, after it had secured an undisclosed amount from Micromax and unnamed individuals the year before.

By Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.