(Representative Image)
Digital Diabetes care platform BeatO on November 16 announced that it has raised $ 33 million (around Rs 269 crore) in a Series B funding led by Lightrock India, with participation from HealthQuad, Flipkart and existing investors.
The start-up’s existing investors include Orios Venture Partners, Leo Capital, W Health Ventures, Blume Ventures and others. The fresh capital will be used to scale the platform, product and technology development.
BeatO was founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar in 2015. More than 70 percent of its users are from Tier 2 cities and beyond, and 55 percent users have never previously used a blood glucose monitoring device. It has over 15 lakh members at present. The company has grown 3x over the past year.
BeatO aims to serve over 10 million patients by 2025, to become India’s largest diabetes care company, it said.
Gautam Chopra, Co-Founder and CEO, BeatO in a statement said, “With our digital first solution, BeatO is well positioned to lay new standards of how care will be delivered in the future to millions of Indians. We are pleased to have a fantastic set of partners joining us on the journey who deeply resonate with our vision and bring solid capabilities to help us achieve our goal.”
Ravi Iyer, Senior Vice President and Head – Corporate Development, Flipkart added in the statement that the company is “committed to supporting a business that is building next-generation innovations and evolving the digital health ecosystem”. Adding: “BeatO, with its holistic, differentiated and affordable digital care solution, is well placed to address the rising diabetes epidemic in India.”
“BeatO’s full-stack integrated platform approach focused on diabetes care solves for accessibility, affordability and quality issues. Device-first engagement with clinical outcome backed care program solution aims to sustainably manage diabetes for patients. We remain committed to partnering with innovation-first firms providing access to quality care,” Ajay Mahipal, Director, HealthQuad said in the statement.
