BeatO closes $33 Mn Series B round led by Lightrock India

Healthtech startup BeatO has raised $33 Million in Series B funding led by Lightrock India with participation from HealthQuad, Flipkart Ventures, and existing investors.

The fresh funding will be used to scale BeatO’s platform, continue to invest in its product and technology, and strengthen the reach of its evidence-based care programs, the company said in a press release.

Founded by Gautam Chopra, Yash Sehgal, and Abhishek Kumar, BeatO provides a full-stack diabetes management programme that helps users manage exercising, diet, medicine intake, and diagnosis, and connects the users with doctors and diabetes educators for instant real-time guidance.

Currently, the brand claims that it is serving more than 15 lakh members, and has grown three-folds in the last year. The startup claims to have 300,000 paid members on its platform, adding 25,000 members every month. 

Delhi-based BeatO raised the round in multiple tranches including two back to back debt rounds in April and September this year. Entrackr exclusively reported the development. PharmEasy also made a strategic investment in the company in July last year with intention to build new products for chronic diseases jointly. 

BeatO registered a 2.4X surge in operating revenue to Rs 19.4 crore during FY22 as compared to Rs 7.97 crore generated in FY21. According to the annual financial statements with the Registrar of Companies (RoC), the company's losses surged 3X to Rs 46.5 crore in FY22 from Rs 15.25 crore in the preceding fiscal year.

While the company doesn’t have any direct competition in India, MDacne and Mydiabby Senetc are its global peers.