BeatO, a startup for diabetic patients, has raised an institutional funding of $1.3 million, led by Leo Capital and Blume Ventures.
The Delhi-based startup plans to deploy the fresh proceed into adding products across categories which are useful for diabetics and leveraging technology to make them accessible in the near future.
BeatO (short for beating the ring ‘O’ of Diabetes), was incorporated in 2015 by Yash Sehgal and Abhishek Kumar Gautam Chopra. A full stack platform for people living with diabetes, it has a unique mobile based monitoring solution, combined with diabetes-specific products such as diabetic snacks, specialty food, footwear etc.
It also offers a smartphone-based glucometer. It currently serves 25,000 active customers in more than 1,500 cities.
BeatO had previously raised an angel round from a few individual investors including Rajeev Chitrabhanu, an early investor in Nazara Technologies, Rentomojo and Vishal Sampat, who besides being an angel investor was also the Founder of Convonix, India’s largest digital agency acquired by Publicis.
The firm claims to have grown 10X in revenue within the last one year. Besides, it facilitated more than 250,000 glucose readings and has over 80 per cent repeat order rate of acquired customers.
Last month, app-based diabetes management startup Wellthy Therapeutics had raised Rs 13.5 crore from Ranjan Pai’s family office Manipal Education & Medical Group (MEMG) family office LLP.
This is the second investment for Blume Ventures in healthcare segment in 2018. Earlier, it had invested in clinical research and data analytics startup The Healthy Billion (THB), which raised Rs 14 crore.