Startup
Healthify slashes net loss by 38% in FY24 as both revenue, employee costs drop
Khosla Ventures-backed Healthify, which offers an AI-powered health and fitness app, has managed to cut its losses by 38% to Rs 88 crore in FY24 compared with Rs 142 crore last fiscal, as per its regulatory filing.
HealthifyMe Wellness Private Limited, the Indian entity of the group, clocked a standalone operating revenue of Rs 206.3 crore in FY24, a drop of 9% from Rs 228.7 crore earned in FY23.
The Bengaluru-based firm’s total expenses slid to Rs 295 crore for FY24, down 20% compared with Rs 371.7 crore in the previous year, largely due to lower employee costs and a reduction in advertisement expenses.
The startup’s employee benefit expenses in FY24 saw a 27% year-on-year decline to Rs 84.9 crore, compared with Rs 116 crore in the corresponding year. The company had laid off 27% of its workforce, of around 150 employe earlier this year.
Last month, Healthify announced the closure of its $45 million financing round, consisting entirely of primary capital. The round was led by existing investors Khosla Ventures and LeapFrog Investments, with new participation from Claypond Capital, the family office of Ranjan Pai.
Of the total $45 million raised in this round, the new $20 million in new funding adds to an earlier tranche secured in 2023.
Healthify, whose platform has amassed a 40 million Indian user base, has conducted alpha tests in the US and plans to do a full launch within the coming months. The company has also integrated AI alongside human coaches to derive outcomes in behaviour change and weight loss to attain some of the highest outcome-to-cost ratios worldwide.
Formerly known as HealthifyMe, Healthify is an AI-powered health and fitness platform which combines AI with human expertise to offer measurable health outcomes. The platform currently caters to 40 million users across 300+ cities, along with a network of more than 600 coaches to offer personalised guidance on nutrition, fitness, and overall wellness.
Former prime minister Manmohan Singh, the architect of India’s economic reforms, died on Thursday night. He was 92.
Singh’s death was announced by the All India Institute of Medical Sciences, Delhi, where he was admitted to the emergency ward around 8.30 PM in a critical condition.
An AIIMS bulletin said “he was treated for age-related medical conditions and had sudden loss of consciousness at home” on December 26.
“Resuscitative measures were started immediately at home. He was brought to medical emergency at AIIMS Delhi at 8.06 pm. Despite all efforts, he could not be revived and was declared dead at 9.51 pm,” said the bulletin.
Singh, who was prime minister for two terms in the Congress-led UPA government from 2004 to 2014, had been in poor health for the last few months.
He is survived by his wife Gurcharan Singh and three daughters.
Singh, who was finance minister under the then prime minister P V Narasimha Rao, was the architect and the brainchild of economic reforms in 1991 that pulled India from the brink of bankruptcy and ushered in an era of economic liberalisation that is widely believed to have changed the course of India’s economic trajectory.
Peak XV Partners on Thursday divested 1.5% stake in fintech company One MobiKwik Systems for Rs 82 crore through an open market transaction.
Peak XV Partners (formerly Sequoia India & Southeast Asia) through its arm—Peak XV Partners Investment Holdings III—offloaded 12.01 lakh shares, or 1.55%, stake in One MobiKwik Systems through a bulk deal on the National Stock Exchange (NSE).
The shares were disposed of at an average price of Rs 679.38 apiece, taking the deal value to Rs 81.63 crore.
After the transaction, Peak XV Partners’ holding in Gurugram-based MobiKwik has declined to 1.26% from 2.81%.
Details of buyers of MobiKwik’s shares could not be ascertained on the exchange.
One MobiKwik Systems shares rose 2.40% to close at Rs 623.50 apiece on the NSE.
Last week, MobiKwik’s shares listed with a premium of nearly 60%.
The initial public offering (IPO) by MobiKwik was entirely a fresh issuance of equity shares worth up to Rs 572 crore with no offer-for-sale (OFS) component.
Founded by Bipin Preet Singh and Upasana Taku, MobiKwik is a digital banking platform, offering a wide range of financial products for both consumers and merchants, including payments, digital credit, and investments.
Consumer protection watchdog CCPA will investigate ride-hailing apps for allegedly charging different fares for identical rides on Android and Apple devices, Consumer Affairs Minister Pralhad Joshi said on Thursday.
“This prima facie looks like unfair trade practice,” Joshi wrote on X, formerly Twitter, calling it a “blatant disregard” for consumers’ right to transparency.
The Central Consumer Protection Authority (CCPA) has been directed to conduct a detailed inquiry and submit a report at the earliest. The investigation will extend to other sectors including food delivery and ticket booking apps.
“Zero tolerance for consumer exploitation!” Joshi added.
The probe follows media reports highlighting price disparities between mobile platforms for the same journey.
Ex-PM Manmohan Singh dies at 92, leaves behind a legacy of economic reforms
Peak XV Partners sells 1.5% stake in MobiKwik for Rs 82 Cr
Govt orders probe into ride-hailing apps over alleged price discrimination
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