Healthtech startup BeatO raises Rs 18 crore debt from Alteria Capital in its Series B round making it the second financing round of this year.
The board at BeatO has passed a special resolution to 1,800 Series B non-convertible debentures (NCDs) at an issue price of Rs 1,00,000 per security to raise Rs 18 crore or $2.3 million.
Founded by Gautam Chopra, Yash Sehgal, and Abhishek Kumar, BeatO provides a full-stack 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.
The startup claims to have 300,000 paid members on its platform, adding 25,000 members every month. According to Sensor Tower data, BeatO has 1.55 million downloads in its lifetime with almost half of it coming in the past year.
Delhi-based BeatO also raised Rs 27 crore debt in April this year. The financing round was led by existing backers W Health Global LLC followed by Kotak Investments and Sage Hill Investors. PharmEasy also made a strategic investment in the company in July last year with intention to build new products for chronic diseases jointly. While the company doesn’t have any direct competition in India, MDacne and Mydiabby Senetc are its global peers.
While BeatO is yet to file its financial numbers for FY22, its revenue from operations surged 2X to Rs 7.97 crore from Rs 4 crore in FY20. As per its annual financial statements with the RoC, losses of the startup increased 33% to Rs 15.24 crore in FY21 from Rs 11.45 crore during FY20.