[Funding Alert] BeatO raises Rs 42 Cr pre-Series B investment led by W Health Ventures
Delhi-NCR based healthtech platform, a digital care ecosystem for chronic condition management, has raised Rs 42 crore in funding led by US-based venture capital firm W Health Ventures. The funding also saw participation from PharmEasy, Merisis VP, and existing investors Orios VP, Leo Capital, and others.
With this investment, Pharmeasy is also looking to partner with BeatO towards building technology and new products to improve the health outcomes of patients with chronic conditions across both platforms.
The funding will be used towards growing the subscriber base across multiple channels and geographies, and product enhancement to provide care for more cardiometabolic conditions. With this new round of funding, BeatO's total funding touches Rs 75 crore.
The platform combines real-time monitoring through its IoT connected devices and app ecosystem to provide AI-driven personalised insights, and proactive intervention by doctors and health coaches to patients with chronic conditions such as diabetes.
Commenting on the new funding, Gautam Chopra, Co-founder and CEO, BeatO said, “Diabetes and Hypertension have been the major killers in this pandemic. The situation looks even more grave when you consider that out of the 200 million Indians who have these conditions, 80 percent have uncontrolled levels."
"With our holistic tech-based solution that supports end to end management for these conditions, we have a proven product and technology with a highly engaged and rapidly growing member base. We welcome our new partners in our exciting journey as we continue to address this large problem and positively impact millions of lives,” he added.
BeatO has grown to 500,000 app installs and 300,000 paid members (adding 25,000 paid members every month). Revenues have grown 600 percent in the last year, and the company is tracking at an annual gross revenue run-rate of Rs 70 crore.
“We’re impressed with BeatO’s unparalleled patient experience and outstanding clinical results. The company’s exponential growth is driven by its ability to transcend geographical and socio-economic barriers to also reach Tier-II and III cities in India, where access to diabetes care is generally limited. We’re thrilled to join the BeatO team in this exciting journey of making affordable, accessible, and world-class diabetes care a reality for millions of Indians,” said Dr Pankaj Jethwani, Executive Vice President at W Health Ventures.
The company stated BeatO’s real-world evidence-based studies have been published in the prestigious American Diabetes Association (ADA) and the Advanced Technologies and Treatment for Diabetes (ATTD) forums.