BeatO, a comprehensive platform dedicated to improving the lives of those living with diabetes on Thursday announced that it has raised an institutional round of USD 1.3 million led by Leo Capital and co-led by Blume Ventures.
“We are extremely excited to associate with partners like Leo and Blume. India is expected to have 100M diabetics by 2030. This puts tremendous pressure on all stakeholders in the healthcare eco-system both from a cost and well-being perspective to specially cater to this large demographic. This funding is a re-enforcement to the fact that we are solving a problem of massive scale,” said Gautam Chopra, co-founder, and CEO, BeatO.
BeatO makes blood glucose monitoring easy with its smartphone-based glucometer combined with support from experts.
This is augmented by their wide range of diabetes-specific food and retail products, thereby catering to all the needs of a person with diabetes.
“With this funding, we plan to continue adding greater value to our customers through even better technology and distribution. We will also supplement our existing range of product categories including diabetic snacks and specialty foods. Our goal is to be an indispensable ally to a person living with diabetes,” said Yash Sehgal and Abhishek Kumar, co-founders, BeatO.
BeatO had previously raised an angel round from a few individual investors including Rajeev Chitrabhanu, an early investor in Nazara Technologies, Rentomojoetc and Vishal Sampat, who besides being an angel investor was also the founder of Convonix, India’s largest digital agency acquired by Publicis.
“India is the diabetes capital of the world. We have looked deeply at chronic disease solutions and BeatO has been able to demonstrate an approach that diabetics find useful month over month. BeatO’s focus on a solution very unique to India is what attracted us,” said Rajul Garg, founder of Leo Capital.
“BeatO is different from other players in the segment given their approach allows patients to manage diabetes effortlessly by having a wide array of healthy lifestyle choices available to them on a single platform. The founding team is perhaps one of the best in the industry and we feel confident that they will capture the opportunity in this space successfully,” said Arpit Agarwal, principal, Blume Ventures.
BeatO has grown 10X in revenue within the last one year.
It boasts of having facilitated more than 250,000 glucose readings and has over 80 percent repeat order rate of acquired customers.
The company plans to continue adding products across categories which are useful for diabetics and leveraging technology to make them accessible in the near future.(Minimal edits applied, story generated from syndicated ANI feed)