On Monday, Health-tech startup HealthifyMe declared an equity buyback programme worth $12 million (Rs 90 crore). The development appears approaching the spurs of a $75 million (about Rs 559.6 crore) fundraise from investors, along with 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 stated. It added that leading angel investors like TVS Capital Funds MD Gopal Srinivasan and Micromax would earn up to 15X returns on their investment. The company announced that the shares of the investors are being bought back by its treasury.
HealthifyMe CEO and co-founder Tushar Vashisht said, "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,".
In July, HealthifyMe had declared its $75 million Series C funding that the company will adopt further to intensify its carriage in India and Southeast Asia and extend into North America. The company has grown its user base and profits in the last year. The statement stated it crossed 25 million downloads recently and is on track to hit $50 million annual recurring revenue (ARR) within the next six months.
Currently, 25 percent of the company's revenues come from international transactions, it figured.