Health-tech startup HealthifyMe on Monday announced an equity buyback programme worth USD 12 million (Rs 90 crore). The development comes close on the heels of a USD 75 million (about Rs 559.6 crore) fundraise by the company from investors including LeapFrog and Khosla Ventures.
'Through this buyback, the company will provide liquidity to almost 100 of its key current and former team members who were early believers in the company's vision and have played a significant role in its success,' a statement said Prominent angel investors like TVS Capital Funds MD Gopal Srinivasan and Micromax will also receive up to 15X returns on their investment, it added. The company said the shares of the investors are being bought back by its treasury.
“As part of our employee retention program, we are excited to provide liquidity to our teammates who have worked tirelessly through the years shaping our vision to reality. I am sure we will continue to do more of this in years to come as well,” HealthifyMe CEO and co-founder Tushar Vashisht said. In July, HealthifyMe had announced its USD 75 million series C funding that will be used by the company to further deepen its presence in India and Southeast Asia, and expand into North America. The company has doubled its user base and revenue in the last year.
It crossed 25 million downloads recently and is on track to hit USD 50 million annual recurring revenue (ARR) within the next six months, the statement said. Currently, 25 percent of the company's revenues comes from international operations, it added.