Health-tech startup BeatO has announced the closure of its Pre-Series A round of Rs. 11.75 Crores through Orios Venture Partners, Blume Ventures, Leo Capital and Vishal Sampat.
BeatO helps a diabetic self-manage activities such as exercise, controlled diet, medicine & diagnostics and regular monitoring of blood sugar by providing a full-stack of services and products on a web and app ecosystem. The consumer starts to use BeatO by purchasing their smartphone based glucometer that connects with the mobile app.
The BeatO Glucometer connects to the user’s smartphone and works with the feature rich BeatO app. The glucometer along with the app helps one to keep a record of all readings in an organized manner and also connects to doctors and diabetes educators instantly to get real time guidance in case readings go out of the desired range. The app also has a section of rich video and written content in English and Hindi, comprising doctor tips, recipes and yoga workshops that simplify diabetes management.
The company will utilize the funds to increase its user base and revenue, which have grown 10x over the last 12 months and expand the product line for its flagship glucometer and FMCG/retail categories. The team will also be investing in R&D, platform upgradation for auto-suggestions basis blood sugar readings and product development in order to come up with new and innovative products and services for its ecosystem, which will enable consumers to manage diabetes in a better way.
Speaking about the recent fund raise, Gautam Chopra, Co-founder, BeatO stated, “We are thrilled to have Orios Venture Partners onboard our journey. As a company we are on a mission to scale up a credible full stack tech-enabled ecosystem for those with diabetes and, help them meet all of their specific needs to lead a healthy life.”
Commenting on the fundraise, Anup Jain, Managing Partner, Orios Venture Partners said, “BeatO provides 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. In Gautam and Yash, we found mission-driven entrepreneurs who were looking to solve this massive problem.”
Founded in end of 2015 by Gautam Chopra and Yash Sehgal, BeatO currently serves 50,000 diabetic customers in more than 1,500 cities and is currently fulfilling over 15,000 transactions a month. It had previously raised a seed fund from Blume Ventures and Leo Capital in 2017.
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