With social distancing becoming the new norm, people have turned to digital wellness platforms to keep fit and stay healthy. In this scenario, digital wellness startup HealthifyMe, offering coaching and AI-based nutrition plans to customers, has seen a rise in revenues and paying customers in the past few months. To cater to the increasing demand, HealthifyMe is effectively leveraging its in-house artificial intelligence (AI) platform to provide services for a much lesser price, along with a personalised touch.
Founded in 2012, HealthifyMe is backed by VCs like Chiratae Ventures and Inventus Capital. The startup claims to have more than doubled its paying subscriber base to one lakh plus since April this year, while the app download has crossed 16 million. The startup is now looking to cross an annual recurring revenue (ARR) of $20 million (Rs 148 crore approximately) by January 2021. It already crossed $15 million (Rs 111 crore approximately) in August this year. HealthifyMe has also been operationally profitable since April this year with positive contribution margins. The startup has also reduced its burn rate by more than half in the last six months.
The key engine which is powering the growth of HealthifyMe is its AI platform Ria.There has been several positives for HealthifyMe with it. It has been able to provide immediate feedback, perform multiple tasks at the same time, and also act as a motivation or reminder tool for the users.Tushar Vashishth, co-founder and CEO, says, “In the last 18 months, our paying customers have grown by around 5x and most of this is because of our AI engine.” Talking about future prospects, Tushar says, “This is the best time. We have an AI plan that can scale. We have a product market fit that works and people today are more health consciousness.”
Shahnaz Warsi
with global and domestic travel coming to a near-halt. As a consequence, OYO Hotels and Homes - one of the world's biggest hospitality brands by 10 lacs+ rooms in over 80 countries toplined around 6k crore, has suffered drastically. Founder & CEO Ritesh Agarwal said his company has taken a hit of 50-60 percent in its global revenue and occupancy. The drop is even higher in India on account of the coronavirus-induced lockdown whose impact will extend for the coming months as well. Small hotel owners have only a few months of cash left. OYO announced its global restructuring plan in January 2020. Between the period of January and March, OYO cut 5,000 jobs mainly in China and India, leaving it with about 25,000 employees, and amended contracts with hotels to remove revenue guarantees. OYO Hotels and Homes also announced a minimum of 25 percent pay cut for four months starting April. Ritesh Agarwal has himself taken a 100 percent pay cut. In order to keep the company afloat and secure long-term cash runaway, the company sent a significant number of its workforce on leave or furloughs for a minimum of 90 days with limited healthcare and medicare benefits.
Mr. Agarwal confidently speaks about seeing the company along with its partners, through these tough times and emerging more stronger than ever. Oyo recognizes that the hospitality industry will undergo major change post-crisis. It aspires to provide accordingly to consumer preferences, with health and safety occupying top priorities. Sanitisation and quality service would be a critical requirement. Post-COVID crisis, inculcating technology, and optimal operations in their operation would be a necessary industrial requirement. Oyo has significantly improved in its feedback on policy and reconciliation. OYOpreneurs are seeking more support and fee rebates to invest in the sanitization stage during the unlock period. OYO aims to focus on consumer experience and feedback right from the immediate check-in to the posted checkout, ensuring their sense of safety and comfort. All forms of social distancing, sanitization, touchless check-in, and digital payment will be strictly implemented.
Oyo seems determined to come back stronger post-crisis, laced with all the necessary technical and safety requirements and innovations, lifting back its revenue, and providing standardized quality services to its customers across the globe.
Anjali Singh
Walt had always desired to be an artist, being a dyslexic he had to drop out of high school hence joining the Pesmen-Rubin Commercial art studio but alas when the depression struck the country in 1921, his entire life turned upside down. Walt found himself at a career crossroad, with his father wanting him to join his jelly factory. An unhappy moment of his life. But he channelised his energy and started his company “Laugh-O-Grams”- where in the middle of another rathole, ‘Alice’s Wonderland’ was conceptualised. Later bankruptcy hit, but he was determined to find a way to achieve his goals. He continued to keep knocking on the doors of opportunity. Once again, Walt established a new company ‘Disney Brothers’, with Roy being the co-founder. With each pitfall he marked the beginning of the one of the biggest film studios, the rest is pretty much history. A series of misfortunate and traumatic events were his stepping stones to success and making the best of stories. Suffering from Dyslexia, Walt Disney is an inspiration to many, he never let his adversity slow down his passion for success in his life and the drive to pursue his dreams The degree of unhappiness in life can be beneficial and can signal a need to change the course of life. If you want to be happy, set a challenging goal that commands your thoughts and inspires your hope. Push yourself out of your comfort zone by choosing how you want to live and grow, Never let the fear of change limit your worth and imagination. Growth is a ridding process. Know the power in letting go; be it ideas, things or people. Making space is a chess move. Make room on the board if you want to play.
Rida Mumtaz