App for managing diabetes in its Series B round of fundraising, BeatO has secured $33 million under the direction of impact investor Lightrock India.
The healthcare-focused investor HealthQuad and e-commerce giant Flipkart, among others, participated in the digital care platform as well.
The recent injection will be used to broaden BeatO’s diabetes care initiatives across the nation, strengthen the leadership group, and enhance product and technological advancements within the company.
BeatO was established in 2015 by Yash Sehgal, Abhishek Kumar, and Gautam Chopra and is run by Delhi-based Health Arx Technologies Pvt. Ltd. The start-up, using its glucose-monitoring tools, provides a full platform for diabetes management and treatment via a mobile app.
“BeatO is on an ambitious mission to re-design how diabetes is cared for in India. They are a world-class team that have demonstrated the ability to deliver consistent, high-quality, and empathetic care resulting in clinical outcomes that are outstanding,” said Tejasvi Ravi, who leads healthcare investments at Lightrock.
According to the firm, it has serviced more than 15 lakh subscribers and tripled in size during the past 12 months. In order to have a significant influence throughout the nation, BeatO has begun forming strategic alliances with key ecosystem participants in the insurance and pharmaceutical industries.
The world-renowned American Diabetes Association (ADA), the International Diabetes Federation (IDF), and the Advanced Technologies and Treatment for Diabetes have all published BeatO’s empirical research that is based on actual world experience (ATTD). Over 10 million patients will be served by the firm by 2025.
The startup’s last round of funding, which was headed by the US-based venture capital company W Health Ventures, garnered 42 crores ($5.6 million).
BeatO competes with companies like Wellthy in the market for diabetes control and cares via mobile apps.
Saama Capital, an early stage venture capital firm, contributed 30.33 crores to Wellthy’s pre-Series A fundraising round in 2020. In exchange for 10.5 crores, Indian pharmaceutical giant Cipla had already agreed to purchase an 11.71% share in Wellthy.
Recently, investors have provided investment to a number of firms in the larger health technology sector.
The San Francisco and Bengaluru-based healthtech business CoverSelf received $4.8 million in venture investment from BEENEXT and 3one4 Capital in September.
Healthledger Tests, a business providing preventative healthcare diagnostics, had secured an unknown amount in a seed fundraising round headed by A-League that same month.
Healthtech firm Mojocare’s operator, Alpha Digital Health Pvt. Ltd., raised $20.6 million in a Series A fundraising round headed by B Capital Group in August.
