BeatO, a platform dedicated in catering and facilitating the lives of diabetes patients recently raised an institutional round of funding worth $1.3 million led by Leo Capital in partnership with Blume Ventures.
“We are extremely excited to associate with partners like Leo and Blume. India is expected to have 100M diabetics by 2030. This puts tremendous pressure on all stakeholders in the healthcare eco-system both from a cost and well-being perspective to specially cater to this large demographic. This funding is a re-enforcement to the fact that we are solving a problem of massive scale,” said Gautam Chopra, co-founder and CEO, BeatO.
BeatO makes use of smartphones, its app and a gluco-meter to monitor blood glucose in its patients along with the follow through of its experts. They also expanded their line of products by providing a large variety of diabetes-specific food available in retail, thus evolving its platform to become a one-stop shop for all diabetes requirements.
“With this funding, we plan to continue adding greater value to our customers through even better technology and distribution. We will also supplement our existing range of product categories including diabetic snacks and specialty foods. Our goal is to be an indispensable ally to a person living with diabetes,” said Yash Sehgal and Abhishek Kumar, co-founders, BeatO.
This investment is not BeatO’s first funding. Actually, in the past it raised an angel funding round from individual investors that included Rajeev Chitrabhanu, an early investor in Nazara Technologies, Rentomojoetc and Vishal Sampat, who founded Convonix, India’s largest digital agency.
“India is the diabetes capital of the world. We have looked deeply at chronic disease solutions and BeatO has been able to demonstrate an approach that diabetics find useful month over month. BeatO’s focus on a solution very unique to India is what attracted us,” said Rajul Garg, founder of Leo Capital.
“BeatO is different from other players in the segment given their approach allows patients to manage diabetes effortlessly by having a wide array of healthy lifestyle choices available to them on a single platform. The founding team is perhaps one of the best in the industry and we feel confident that they will capture the opportunity in this space successfully,” said Arpit Agarwal, principal, Blume Ventures.
BeatO helped conducting over 250,000 glucose readings and 4 patients out of 5 will stick to BeatO’s service after trying it. With this round of funding, the company will keep adding more products to their different categories, which will all be catering diabetics, and improving technology to make their service even more accessible to patients suffering from diabetes. Additionally, BeatO increased its revenue by 10 times in the last year.