BeatO raises $1.6 Million in Pre-Series A funding round led by Orios Venture Partners.
Its application assists in caring diabetes and monitoring blood glucose by using smartphone-based glucometer.
The Indian healthcare market is going to reach $200Billion markets by 2020
BeatO a New Delhi based health tech startup completed Pre-Series A funding round. The tech startup raised $1.6 Million in the fund round led by Orios Venture Partners. Existing investors Leo Capital and Blume Ventures also participated in the round.
BeatO seeded it the foundation in 2015 by Abhishek Kumar, Yash Sehgal, and Gautam Chopra. It offers an application that assists in caring diabetes and monitoring blood glucose by using smartphone-based glycometer. Users are also allowed to keep their readings for further use and consult doctors and experts for real-time assistance if any readings are not normal. The app also has the facility of giving instant alerts to caretakers and family members based on customer readings.
It also offers diabetes patients in keeping diabetes management plan to assist them in self-managing their day to day activities including controlled diet, regular exercises and much more. The company has attained growth of 10 times within a year. The app also has a section of the video and written content in English and Hindi which comprises of recipes, doctor tips and yoga workshops that simplify diabetes management.
The startup is planning to use the funds in expanding product line for its flagship glucometer. It is also planning to use funds to enhance its services into retail categories and FMCG and nourishing R&D department. It is focusing on platform upgradation for auto-suggestions based on blood sugar readings, and product development.
According to Gautam Chopra, co-founder, BeatO, “As a company we are focusing on our aim to enhance up to a credible full stack tech-enabled system for those with diabetes and, patronize them to meet their entire particular requirements to lead a healthy life. With enhance in the disposable income in the Indian middle-class, we foresee an update in the discretionary spends. For a diabetic, we expect this to be channeled into personal management solutions and more consumption of customized food and retail products,”
The company has raised $1.3 Million in April 2018 Blume Ventures and Leo Capital. The company has used this amount in accelerating the production and concentrating on innovation, distribution network and better technology. The firm has also raised funding from individual investors including Nazara Technologies, Vishal Sampat, Rajeev Chitrabhanu and Rentomojo.
According to IBEF Indian healthcare market is going to reach $200 Billion markets by 2020 from existing $100 Billion markets.
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