Healthtech startup BeatO

India-based Healthtech startup BeatO, which specialises in diabetes-related solutions, raised US$ 5.8 M in a funding round on 6 July 2021.

Investors: the funding round was led by US-based venture capital firm W Health Ventures with participation from healthtech unicorn PharmEasy, Merisis VP and existing investors Orios VP, Leo Capital and others. This investment from PharmEasy comes after the healthtech unicorn acquired diagnostics chain Thyrocare recently.

Purpose of the funding: The funds raised by the company will be utilised to fuel its growth in the paying subscriber base across numerous channels and geographies. It will also be used for product enhancement to cater to other cardiometabolic conditions.

About BeatO

BeatO

Founded in 2015 by Yash Sehgal, Abhishek Kumar and Gautam Chopra, BeatO offers a digital care ecosystem for chronic condition management. BeatO is short for beat diabetes (the ‘O’ being the ring of diabetes). It is a mobile platform that motivates a diabetic to increase compliance and reduce out-of-pocket expenses. BeatO offers a comprehensive diabetes management and care platform through glucose-monitoring solutions and also diabetes-specific products such as snacks, speciality food and footwear. Its marketplace consists of doctors, educators, diagnostics, medicines refills and insurance products.

BeatO claims to have achieved a double-digit month-on-month growth both in the number of customers and revenues, with over 500,000 app installs overall and 300,000 subscribers. Out of those, 25,000 paying members join every month. The company claims that its revenue has grown by 600% in the last year. This growth is backed by a rapid increase in patient engagement, which could have been fuelled by the pandemic.

With the number of health-conscious people increasing rapidly, healthcare companies are attracting a huge chunk of the total funding and moving rapidly towards unicorn status.

What the CEO has to say: “Diabetes and hypertension have been the major killers in this pandemic. The situation looks even more grave when you consider that out of the 200 Mn Indians who have these conditions, 80% have uncontrolled levels. With our holistic tech-based solution that supports end to end management for these conditions, we have a proven product and technology with a highly engaged and rapidly growing member base. We welcome our new partners in our exciting journey as we continue to address this large problem and positively impact millions of lives.” — Gautam Chopra, co-founder and CEO of BeatO.

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Komal writes about the startup ecosystem on VCBay. She is an Economics Hons. graduate from Miranda House, Delhi University, and is passionate about the world of entrepreneurship and finance.

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