Diabetes management startup Sugar.fit recently announced raising $11 million funding in its Series A round led by MassMutual Ventures. Existing investors, Cure.fit (now Cult.fit), Tanglin Venture Partners, and Endiya Partners also participated in the round.
While the Bengaluru-based company did not reveal much information about the round, startup data intelligence platform TheKredible has sifted through its regulatory filings to uncover crucial details such as funding breakup, post-money valuation and shareholding pattern.
MassMutual Ventures led the round with an infusion of $7 million followed by Cure.fit and Tanglin Venture Partners which poured in $1.5 million each. Further, Endiya Partners also joined with an investment of $1 million.
As per Sugar.fit, it intends to use the fresh capital to expand its product offering, launch an offline presence, and accelerate research and development in the field of diabetes management.
As per TheKredible’s estimates, the company has been valued at around Rs 500 crore or $60 million (post-money). It was valued close to Rs 190 crore in the seed funding round.
The two-year-old Sugar.fit has raised $21 million across two funding rounds to date. It raised a seed round worth $10 million from Cure.fit, Endiya Partners and Tanglin Venture in September 2021.
Led by Madan Somasundaram, Sugar.fit offers a complete diabetes care program by integrating a variety of devices such as continuous glucose monitors, fitness trackers and other health diagnostics and providing access to diabetes specialists and health coaches. This enables users to track the real-time impact of their lifestyle on glucose levels, and receive personalized, timely guidance across the aspects of fitness, nutrition and sleep from their care team.
Post-allotment of the round, Cure.fit increased its stakes to 47.32% while MassMutual Ventures acquired 11.53% shares of the company. Sugar.fit also has an ESOP Pool of 5.91%. For more information, visit here.
During FY23, the company’s scale jumped over 6X to Rs 14 crore from Rs 2.16 crore in FY22. As per TheKredible, Sugar.fit’s losses also went up over 2X to Rs 30.84 crore in FY23 as compared to Rs 13.81 crore in FY22.
