diabetes care providerhas raised $33 million in Series B funding led by Lightrock, with participation from HealthQuad and existing investors including Orios Venture Partners, Blume Ventures and Leo Capital.
e-commerce gianthe also invested an undisclosed amount in this round.
The new funds will be used to scale the digital platform, invest more in products and strengthen the reach of BeatO’s evidence-based care programs, the company said in a statement. The startup previously raised multiple rounds of debt financing from funds including Alteria Capital, W Health Global, and Kotak Investment Advisors.
Founded by Gautam Chopra, Yash Sehgal and Kunal Kinalekar, BeatO is an app-based platform that offers diabetes care programs to prevent, manage and reverse diabetes. It also includes smartphone-connected glucometers to help with personalized health information and access to medical experts.
India is poised to overtake China to become the diabetes capital of the world, with more than 200 million people of all age groups at risk.
BeatO said that it serves more than 15 lakh clients with more than 70% of its clients from Tier II cities. The company has grown three times in the last year and is expected to close partnership deals with players from the insurance and pharmaceutical sectors soon. It also aims to expand its patient base to 10 million by 2025.
“With our first digital solution, BeatO is well positioned to set new standards for how care will be delivered to millions of Indians in the future. We are pleased to have a fantastic set of partners joining us on the journey who deeply resonate with our vision and bring strong capabilities to help us achieve our goal,” said Gautam Chopra, Co-Founder and CEO of BeatO.