Delhi based healthcare equipment maker BeatO has raised a pre-Series A round from one new and two existing backers. The funding round of Rs 11.5 crore ($1.6 million approx) was led by Orios Venture Partners.
Existing backers Blume Ventures and Leo Capital have also participated.
Blume and Leo had invested a $1.3 million worth fund in 2017, in the last round the company had raised. This brings the total fundraising of the company to $2.9-3 million apart from the initial angel fund it had secured.
Gautam Chopra, Yash Sehgal, and Abhishek Kumar had founded the startup with a vision to help the public monitor the diabetes epidemic growing at 6 per cent CAGR in the country which already counts more than 80 million known patients.
The company has so far launched a glucometer, that is its flagship product. This glucometer is a device connected to a mobile application that helps a patient/user monitor their blood sugar levels. It does so by alerting the user as well as their family members and caregivers whenever the readings go out of the desired range. It also predicts HbA1c that is a global parameter to measure blood sugar.
BeatO provides a complete diabetes management programme that helps the user manage exercising, diet, medicine intake, and diagnosis, and connects the users with doctors and diabetes educators for instant real-time guidance.
BeatO currently serves 50,000 diabetic customers in more than 1,500 cities and is currently fulfilling over 15,000 transactions a month said the company in a press statement.
The inflow of funds is expected to be used for an expansion in the product line of the glucometer and also into FMCG and retail. The company also plans to strengthen its Research and Development operations in order to create an auto-suggestion based blood sugar reading upgrade for the platform.
As far as the target market of the product is concerned, the company’s disposable income of the population has increased. This would create an opportunity for them to cash on the users who are willing to spend this income on taking care of their own health with customised food and personal management products.
Wellthy Therapeutics is the company’s direct competitor also cashing in on the same segment.