App-based diabetes management startup Wellthy Therapeutics has raised Rs 13.5 crore ($2.1 million) from Ranjan Pai’s family office Manipal Education & Medical Group (MEMG) family office LLP.
The funding round also saw participation from Apoorva Patniled Currae Healthtech Fund, Singapore-based Beenext Ventures, GrowX Ventures, IIFL Select Equity Fund amongst other individual investors.
Earlier, in December 2017, GrowX Ventures had put in an undisclosed amount in the Mumbai-based digital therapeutics firm. The healthtech startup had been a self-funded company as its founder Abhishek Shah had invested around Rs 2.9 crore into the venture.
Wellthy will use the fresh proceeds to enhance the existing infrastructure. Besides, it will develop solutions for other disease areas.
Founded by Shah, Prayat Shah, Maaz Shaikh, and Mayuresh Joshi the Mumbai-based startup focuses on type 2 diabetes care through its Artificial Intelligence (AI)-based mobile app. The company’s mobile app acts as a personal health coach, using a patient’s clinical data and habits to provide motivational and consistent advice on healthy lifestyle choices.
Wellthy app lets users log their meal, enter and monitor blood sugar over time, track medicines, and also interact with Carey, Wellthy’s chatbot. In addition, the app includes gamification in the form of badges to keep users motivated.
Wellthy has been endorsed by some major organisations including Delhi-based Research Society for studying diabetes in India.
Recently funded ventures like CureFit and HealthifyMe also work on the similar model (AI, IoT, lifestyle enhancement, chatbot), But Wellthy draws more attention in the niche category of type 2 diabetes care.
Wellthy based on a B2B2C revenue model works with medical insurance firms, clinics, and the allied pharma industry is looking to build deeper integrations with industry stakeholders in Asia as also expand its team.
The development was reported by ET.