November 19, 2022
Coimbatore : BeatO, a comprehensive digital care platform for controlling and reversing Diabetes, founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, has raised $33 Million in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart Ventures and existing investors.
India will soon overtake China to become the diabetes capital of the world, with more than 200 Mn Indians at risk from Diabetes. What aggravates this problem even further is that a large part of this population is diagnosed late when there is already a high severity of the condition.
With a broken ecosystem and lack of specialists who can treat the condition, especially in Tier 2 cities and beyond where a large part of our population lives, a vast majority are left with limited or no access to continuous diabetes care. This results in 80% of the diabetic population living with uncontrolled blood glucose levels. Additionally, 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.
BeatO is plugging this important gap in the ecosystem by providing an affordable, comprehensive and patient-centric digital solution to millions of people with diabetes who have limited access to good quality and continuous care. BeatO is expanding the diabetes care market; with over 70% of their users coming from Tier 2 cities and beyond, and 55% of their users never having used a blood glucose monitoring device previously. Currently serving more than 15 lakh members, the company has grown 3X in the last one year and is poised to become the market leader to disrupt the diabetes care ecosystem in India. In its mission to ensure affordability and access to specialist care, BeatO 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.
BeatO’s real-world evidence-based studies have been published in global forums such as the prestigious American Diabetes Association (ADA), International Diabetes Federation (IDF) and at the Advanced Technologies and Treatment for Diabetes (ATTD). These are globally amongst the largest population-based studies and highlight BeatO’s ability to drive best in class clinical outcomes for hyperglycemia, hypoglycemia, weight reduction and positive perception towards digital diabetes care across different cohorts of age groups, gender and nature of diabetes. On average BeatO users witness a 1.8 percentage points drop in their eHbA1c over a 90 day period.
Commenting on the new funding, Gautam Chopra, Co-Founder & CEO – BeatO 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.”
Tejasvi Ravi, who leads healthcare investments at Lightrock India added, “BeatO is on an ambitious mission to re-design how diabetes is cared for in India. They are a world-class team that have demonstrated the ability to deliver consistent, high-quality and empathetic care resulting in clinical outcomes that are outstanding.”
Speaking on the investment, Ajay Mahipal, Director, HealthQuad said “BeatO’s full-stack integrated platform approach focused on diabetes care solves for accessibility, affordability and quality issues. Device-first engagement with clinical outcome backed Care Program solution aims to sustainably manage diabetes for the patients. BeatO is providing care across the continuum of monitoring, control and reversal. We remain committed to partnering with innovation-first firms providing access to quality care.”
Ravi Iyer, Senior Vice President and Head – Corporate Development, Flipkart Ventures, said, “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.”
The fresh funds will be utilized to expand BeatO’s diabetes care programs pan-India, invest in strengthening their leadership team and to further invest in BeatO’s product and technology. BeatO will also continue to build the evidence base for its care programs, setting the standard of care globally for diabetes. BeatO aims to serve over 10 million patients by 2025, becoming India’s largest Diabetes Care Company.
The Company’s existing marquee investors include Orios Venture Partners, Leo Capital, W Health Ventures, Blume Ventures and others.