BeatO, a comprehensive digital care platform for controlling and reversing diabetes, announced on Wednesday, that it raised $33 million in a series B round of funding led by Lightrock with participation from HealthQuad, Flipkart and existing investors.
The fresh funding will be used in scaling the platform, continuing to invest in its product and technology, and strengthening the reach of its evidence-based care programmes, the company said in a statement.
The platform also aims to expand its presence in tier 2 and 3 cities as majority of its customers are from there. “Unlike developed markets, most expenses for a person with diabetes in India are out of their own pocket, and there are hardly any insurance products that even cover them for hospitalization,” the company said.
“With our digital first solution, BeatO is well positioned to lay the new standards of how care will be delivered in the future to millions of Indians. We are pleased to have a fantastic set of partners joining us on the journey who deeply resonate with our vision and bring solid capabilities to help us achieve our goal,” said Gautam Chopra, co-founder & CEO – BeatO.
The company currently has over 15 lakh users and aims to serve over 10 million patients by 2025.
Started by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, the digital app-based platform provides comprehensive diabetes care programmes to prevent, control and reverse diabetes under the guidance of experts.
India is said to be the ‘diabetic capital’ as it has the second most number of diabetic patients in the country after China. “Reportedly, India can surpass China to become the diabetes capital of the world, with more than 200 million Indians at risk from diabetes,” the company said.
To ensure affordability and access to specialist care, the company has also started to forge strategic partnerships with major ecosystem players from the insurance and pharmaceutical sectors to drive large-scale impact across the country.
“Through this investment in BeatO, Flipkart ventures is committed to supporting a business that is building next-generation innovations and evolving the digital health ecosystem. BeatO, with its holistic, differentiated and affordable digital care solution, is well placed to address the rising diabetes epidemic in India,” said Ravi Iyer, senior vice president and head – corporate development, Flipkart.
