Diabetes-care startup BeatO has raised $33 million in funding. Among other things, the company will use the money to expand its business as well as its top leadership team.
Lighrock India led a $33 million investment round for diabetes treatment firm BeatO. The round was also attended by HealthQuad, Flipkart Ventures, and previous investors such as Blume Ventures and Leo Capital.
The funds will be used to grow the company’s operations, hire for the top leadership team, invest in hardware and software, and expand its product sales to clients across the country.
According to the firm, it provides cheap diabetes treatment to those who do not have access to professionals to treat the ailment. It offers gadgets that can be linked to a smartphone to collect data and has an app that users may use to check glucose levels and other vitals. It also gives users access to doctors via online consultations.
According to the company, India will soon replace China as the world’s diabetes capital, with more than 200 million Indians at risk of the lifestyle disease. According to the report, a “broken ecosystem” and a “lack of experts” have resulted in people living in tier-2 cities and beyond having limited or no access to ongoing diabetic care.
BeatO claims to have over 1.5 million subscribers, has tripled in size in the previous year, and is positioned to become a market leader. Accu-check, MDAcne, myDiabby, and Symbiome, among others, compete with the firm.
Gautam Chopra, cofounder and CEO of BeatO, stated, “With our digital first approach, BeatO is well positioned to establish the new norms of how care will be given in the future to millions of Indians.”
Tejasvi Ravi, who handles healthcare investments at Lightrock India, added, “BeatO is on an ambitious quest to re-design how diabetes is cared for in India. They are a world-class staff that has proved the capacity to provide consistent, high-quality, and compassionate treatment, resulting in remarkable clinical outcomes.”