Diabetes management app BeatO has raised Rs 42 crore ($5.6 million) in a new funding exercise led by US-based venture capital firm W Health Ventures.
The funding round also saw participation from epharmacy PharmEasy, BeatO in a statement said.
PharmEasy, which recently acquired listed diagnostics firm Thyrocare, and BeatO will partner to build technology and new products to improve the health outcomes of patients with chronic conditions, it added.
Merisis VP and existing investors Orios, Leo Capital and others also contributed to this funding round.
With the latest funding, BeatO has raised Rs 75 crore over the last year across its Series A and pre-Series B rounds.
BeatO, operated by Health Arx Technologies Pvt. Ltd, will use the fresh capital to expand its subscriber base and strengthen its product capabilities.
The Delhi based BeatO said that Covid-19 has helped boost the company's business. The startup claims its revenues surged by 600% in the last year and it is clocking an annual gross revenue run-rate of Rs 70 crore. It also said it has expanded to 300,000 paid members, adding 25,000 paid members every month.
BeatO 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.
It also offers diabetes-specific products such as snacks, speciality food and footwear, besides a marketplace of doctors, educators, diagnostics, medicines refills and insurance products.
Gautam Chopra, co-founder and CEO – BeatO noted that diabetes and hypertension have been the major killers in this pandemic and the situation looks even more grave as out of the 200 million Indians who have these conditions, 80% have uncontrolled levels.
Pankaj Jethwani, executive vice president at W Health Ventures said that BeatO's exponential growth is driven by its ability to transcend geographical and socio-economic barriers to also reach tier-2 and tier-3 cities in India, where access to diabetes care is generally limited.
In the mobile app-based diabetes management and care segment, BeatO competes with the likes of Wellthy.
Last year, 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.