Health-tech startup Fitterfly Technologies Pvt Ltd has raised $3.1 million (Rs 22 crore) in its pre-Series A round of funding led by consumer-focused venture capital firm Fireside Ventures.
Venture Catalysts and its accelerator fund 9Unicorns as well as angel investors from India, the US and Singapore also participated in this round.
In November last year, VCCircle reported that the health-tech startup working in the field of digital therapeutics was in fundraise discussions with Fireside Ventures.
Speaking on the latest fundraise, Dr Arbinder Singal, Fitterfly co-founder, said, "We plan to expand our DTx portfolio and invest in developing AI (artificial intelligence) and smart health-tracking tools."
The startup was launched in 2019 by Singal, Shailesh Gupta and Jayesh Sawant. Singal was earlier with healthcare institutions while Gupta previously worked with ICICI Bank and Sawant with Reliance Jio.
Fitterfly offers customised and personalised wellness programmes for diabetes, PCOS (polycystic ovary syndrome), pregnancy, weight loss, paediatrics and nutrition.
It also offers technology to track children’s food intake, nutrition, physical activity and more. The app tracks health data to provide analytics and recommendations for improving health.
"The segment of digital therapeutics represents an incredible growth opportunity for us. As a consumer-focused fund, we want to play a more proactive and dynamic role in building and shaping consumer behaviour and the lifestyle choices they make," said Kanwaljit Singh, founder of Fireside Ventures.
The pandemic has accelerated fundraising for health-tech, with epharmacy even witnessing the beginning of a consolidation.
On Tuesday, US-based Tiger Global Management announced an investment in Pristyn Care, a chain of multi-speciality clinics for planned surgeries,
Early this month, the parent of PharmEasy raised $350 million (about Rs 2,566 crore) from Prosus Ventures, TPG Growth and others as part of its Series E round. The round valued the company at $1.2 billion, propelling it into the unicorn club.
Last month, HealthPlix Technologies Pvt Ltd, which runs an artificial intelligence-based medical records platform, raised $13.5 million as part of its ongoing Series B round.
In February, MediBuddy, formerly DocsApp, said it had closed its Series B round of $40 million.
