[Funding alert] Sugar.fit to raise $10M from Cure.fit, Endiya Partners, Tanglin Venture
Sugar.fit on Friday said Cure.fit, Endiya Partners and Tanglin Venture Partners will invest $ 10 million (about Rs 73 crore) in the healthtech company.
"Cure.fit, Endiya Partners and Tanglin Venture Partners have agreed to invest $10 million in Sugar.fit, a healthtech startup that seeks to manage and reverse diabetes through a highly consumer-centric data-driven digital health experience," a statement said.
The investment is expected to close by September, it added.
Sugar.fit was launched two months ago and is currently operational in Bengaluru and Delhi-NCR.
The company has seen strong traction, and is on track to hit $ 1 million ARR (annual recurring revenue) this quarter, the statement said.
It plans to expand to 10 cities over the next few months, it added.
Sugar.fit's founding team includes Madan Somasundaram and Shivtosh Kumar, and the core founding team comes with experience in building and scaling products at Cure.fit, Dailyhunt, Flipkart, Myntra and Samsung. The majority of the tech team is from Curefit.
We have an innovative tech-led solution that gives real-time tracking and hands-on personalised assistance to our customers. 90 percent of our users are seeing a significant drop in their blood sugar levels along with a drastic reduction in medication and weight and are on track for diabetes reversal," Sugar.fit co-founder Somasundaram said.
About 70 million people in India suffer from diabetes and another 80 million are pre-diabetic. Diabetes is the leading cause of several fatal health complications, which requires people to continuously monitor and regulate their sugar levels.
Sugar.fit uses continuous glucose monitoring technology (CGM) to help users see the real-time impact of various food and lifestyle activities on their blood sugar levels. Its comprehensive programme further combines medical experts with deep technology, including coaching, personalised analytics, and integrated devices and testing.
Cure.fit will actively support the Sugar.fit team with fitness and wellness content, and access to its millions of health-conscious consumer base in the country, the statement said.
There is increasing evidence that with proper medical and lifestyle interventions, diabetes can be prevented, managed better and even reversed. However, current systems of care management are often generic and lack personalisation.
Sugar.fit's goal to sustainably manage and reverse diabetes for millions of Indians in the next few years is a worthy goal, which we at Endiya are thrilled to partner in, Ramesh Byrapaneni, Partner at Endiya Partners, said.
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