BeatO, a digital care platform for controlling and reversing diabetes, on Wednesday announced that it has raised $33 Million in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart and existing investors.
According to reports, India will soon overtake China to become the diabetes capital of the world, with more than 200 Mn Indians at risk from Diabetes. Health experts maintain that a large part of the population is diagnosed late which aggravates the problem.
The company founded by Gautam Chopra, Yash Sehgal, and Kunal Kinalekar is expanding the diabetes care market; with over 70 percent of their users coming from Tier 2 cities and beyond, and 55 percent of their users never having used a blood glucose monitoring device previously.
According to the healthtech firm, it is currently serving more than 15 lakh members, the company has grown 3X in the last one year and is poised to become the market leader to disrupt the diabetes care ecosystem in India.
In its mission to ensure affordability and access to specialist care, BeatO has also started to forge strategic partnerships with major ecosystem players from the Insurance and Pharmaceutical sectors to drive large-scale impact across the country, it claimed.
“With our digital-first solution, BeatO is well positioned to lay the 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,” Gautam Chopra, Co-Founder & CEO – BeatO said in a statement.
Reportedly, on average BeatO users witness a 1.8 percentage points drop in their eHbA1c over a 90-day period.
“BeatO is on an ambitious mission to re-design how diabetes is cared for in India. They are a world-class team that has demonstrated the ability to deliver consistent, high-quality and empathetic care resulting in clinical outcomes that are outstanding,” Tejasvi Ravi, who leads healthcare investments at Lightrock India said in a statement.
In a press statement, the company announced that the fresh funds will be utilised to expand BeatO’s diabetes care programs pan-India, invest in strengthening their leadership team and to further invest in BeatO’s product and technology.
“BeatO will also continue to build the evidence base for its care programs, setting the standard of care globally for diabetes. BeatO aims to serve over 10 million patients by 2025, becoming India’s largest Diabetes Care Company,” the company said in a statement.
The Company’s existing marquee investors include Orios Venture Partners, Leo Capital, W Health Ventures, Blume Ventures and others, it stated.
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