Diabetes management platform BeatO has raised $33 million in its Series B round of funding led by impact investor Lightrock India.
The digital care platform also saw participation from its existing investors including healthcare focussed investor HealthQuad and e-commerce major Flipkart's VC arm, Flipkart Ventures among others, the company said in a statement.
The fresh infusion will be utilized to expand BeatO’s diabetes care programs across the country, invest in strengthening leadership team and also to improve BeatO’s product and technology.
BeatO, operated by Delhi-based Health Arx Technologies Pvt. Ltd, was founded in 2015 by Yash Sehgal, Abhishek Kumar and Gautam Chopra. Through a mobile app, the startup offers a comprehensive diabetes management and care platform via its glucose-monitoring solutions.
“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 India.
The company claims that it has served more than 15 lakh members and has grown 3X in the last one year. BeatO has also started to enter into strategic partnerships with major ecosystem players from the insurance and pharmaceutical sectors to drive large-scale impact across the country.
BeatO’s real-world evidence-based studies have been published in global forums such as the prestigious American Diabetes Association (ADA), International Diabetes Federation (IDF) and at the Advanced Technologies and Treatment for Diabetes (ATTD). The startup aims to serve over 10 million patients by 2025.
The startup had raised had raised Rs 42 crore ($5.6 million) in its previous round led by US-based venture capital firm W Health Ventures.
In the mobile app-based diabetes management and care segment, BeatO competes with the likes of Wellthy.
In 2020, Wellthy raised Rs 30.33 crore in its pre-Series A funding round from early-stage venture capital firm Saama Capital. Prior to this funding, Indian pharmaceutical major Cipla had agreed to acquire 11.71% stake in Wellthy for Rs 10.5 crore.
In the broader health technology space, several startups have attracted funding from investors offlate.
In September, San Francisco-and Bengaluru-based healthtech startup CoverSelf had raised seed funding of $4.8 million from Beenext and 3one4 Capital.
Same month, preventive healthcare diagnostics startup Healthledger Diagnostics had raised an undisclosed sum in a seed funding round led by A-League.
In August, Alpha Digital Health Pvt. Ltd which operates healthtech startup Mojocare, raised $20.6 million in a Series A funding round led by B Capital Group.