BeatO, a digital care platform for controlling and reversing diabetes, has raised $33 million in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart and existing investors
Founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, the company has grown 3X in the last year, as per a statement.
With India set to soon overtake China to become the diabetes capital of the world, with more than 200 million Indians at risk from diabetes, BeatO is reportedly plugging an important gap in the ecosystem by providing an affordable, comprehensive and patient-centric digital solution to people with diabetes beyond Tier 1 and metro cities, which have limited access to good quality and continuous care.
As per the statement, over 70 per cent of BeatO’s users coming from Tier 2 cities and beyond, and 55 per cent of their users have never used a blood glucose monitoring device previously. Currently serving more than 15 lakh members, 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.
BeatO’s real-world evidence-based studies published in global forums such as American Diabetes Association (ADA), International Diabetes Federation (IDF) and at the Advanced Technologies and Treatment for Diabetes (ATTD) are globally amongst the largest population-based studies and highlight BeatO’s ability to drive robust clinical outcomes for hyperglycemia, hypoglycemia, weight reduction and positive perception to digital diabetes care across different cohorts of age groups, gender and nature of diabetes. The results reportedly demonstrate that on average a BeatO user witnesses 1.8 per cent point drop in their eHbA1c over a 90 day period.
The company’s existing marquee investors include Orios Venture Partners, Leo Capital, W Health Ventures, Blume Ventures and others.