Full stack diabetic management platform BeatO has been growing at a rapid clip with its scale having grown around 2.5X in the past fiscal year.
BeatO’s operating revenue rose 2.43X to Rs 19.4 crore during FY22 from Rs 7.97 crore in FY21, as per its annual financial statement with the RoC. The company offers diabetic control products consisting of devices, drinks and supplements — and the sale of these products was the only source of revenue during the year.
BeatO also earned Rs 1.56 crore from financial instruments which took its overall income to Rs 20.96 crore in FY22.
Founded by Gautam Chopra, Yash Sehgal, and Abhishek Kumar, BeatO provides a full-stack diabetes management programme which includes diet, medicine intake, and diagnosis.
It claims to have 1.5 million members, which includes 300,000 customers who pay.
The surge in BeatO’s scale is also apparent from its cost of procurement which shot up 3.4X to Rs 25 crore in FY22 and accounted for 37% of the total expenditure. Employee benefit, promotional and postage expenses inclined 2.1X, 4.4X, and 2.9X respectively to Rs 15.43 crore, Rs 13.32 crore and Rs 3.03 crore during the year.
The company also incurred legal and professional fees of Rs 2.96 crore which accelerated its total expenses by 2.8X to Rs 67.4 crore during FY22 as compared to Rs 24 crore in FY21.
BeatO’s losses also deepened 3X to Rs 46.5 crore in FY22 from Rs 15.25 crore in the previous fiscal. The healthtech startup spent Rs 3.47 to earn a rupee of operating revenue during the same period.
As of now, BeatO has raised over $45 million which includes a $33 million Series B round in November last year. While the company doesn’t have any direct competition in India, MDacne and Mydiabby Senetc are its global peers.