Healthtech startup BeatO raises Rs 11.75 Cr funding led by Orios Venture Partners
New Delhi-based healthtech startup BeatO closed its Pre-Series A on Wednesday, after raising Rs 11.75 crore in a round led by Orios Venture Partners. Existing investors Blume Ventures, Leo Capital, and Vishal Sampat also participated in the round.
BeatO will be using the funds to expand its user base and revenue. The team also plans to increase its product offerings, invest in Research & Development (R&D) and upgrade its platform for auto-suggestions based on blood-sugar readings, said a release.
Anup Jain, Managing Partner, at Orios Venture Partners said:
Orios believes in investing behind strong founders that create disruption in large markets. BeatO provides the one place where diabetes can be monitored and managed with the greatest convenience by the user and his caregivers that is necessary in today's fast paced life.
Founded by Yash Sehgal and Gautam Chopra in 2015, BeatO is a full-stack platform providing products for diabetes across categories. Its smartphone Glucometer connects users to the ecosystem, and helps measure and monitor blood glucose levels, and sends alerts to family members and caretakers.
The company is currently serving 50,000 diabetic customers in more than 1,500 cities, and is fulfilling over 15,000 transactions a month. Anup said:
In Gautam and Yash, we found mission-driven entrepreneurs who were looking to solve this massive problem. Being close to the problem, their understanding of the pain points and motivation for solving this ailment is very deep. As a business model, it is obvious the audience is sticky and the lifetime value/onetime acquisition cost is extremely attractive.
BeatO also functions as a marketplace for doctors, educators, diagnostics, medicine refills, and insurance products. Users can avail home delivery of medicines and diagnostics services through the application, and can also order FMCG products like breakfast cereals, juices, and teas. Gautam said:
With increase in the disposable income in the Indian middle-class, we foresee an increase in the discretionary spends. For a diabetic, we expect this to be channeled into personal management solutions and more consumption of customised food and retail products.
BeatO has a content and video section dedicated to diabetic-friendly recipes, yoga workshops, and doctor tips available in both English and Hindi. It has also launched diabetic-friendly Ayurvedic products as well.
The company raised $1.3 million in April last year, which was led by Leo Capital and co-led by Blume Ventures.
Arpit Agarwal, Principal of Blume Ventures said on a press release:
Through this journey, working closely with the founders for more than a year, we have managed to create a very sticky user base with very limited capital. With Orio's experience in helping build some of India's top consumer brands, we look forward to accelerating BeatO's quest towards pre-eminence in Healthcare in India.