[Acquisition Alert] BeatO Acquires Novique
The company will now offer an evidence-based program for reversal of type-II diabetes
BeatO, a digital health ecosystem for chronic condition management, on Thursday announced the acquisition of Pune-based Novique Health for an undisclosed amount.
BeatO provides a full-stack solution for diabetes management and, with Novique, will now also provide a science-backed diabetes reversal program.
Through this acquisition, BeatO will augment its services of combating diabetes through clinically proven management, reduction, and reversal of diabetes by addressing the condition’s root cause.
“At BeatO, we have built a data-driven and clinically robust solution for the monitoring and control of diabetes, driving positive health outcomes for our members. With Novique’s acquisition, we will leverage their expertise and scientific approach in reversing type-II diabetes, further strengthening BeatO’s clinical program,” said Gautam Chopra, founder and chief executive officer, BeatO.
In India alone, approximately 77 million people have diabetes and an estimated prevalence of prediabetes in 14 per cent of the population. Each person with diabetes has different needs based on the seriousness of the condition, economic factors, awareness and motivation levels of the patient. The need to have a personalized solution and care for each person is integral in generating improved health outcomes. BeatO’s acquisition of Novique will enable millions of people with prediabetes, newly diagnosed type-II diabetes or a predisposition to diabetes to reverse their condition and lead healthier lives, the platform said.
Novique’s founder Rahul Rosha will join BeatO’s leadership team to drive outcome-based diabetes reduction and reversal programs.
“We believe BeatO is the ideal partner to build a full stack of solutions for diabetes – starting from monitoring, control and now reversal. We have found a perfect match for customer-centricity and driving evidence-based improvement in the health outcomes of customers. We are excited to build a whole slew of innovative services that will be introduced in the next few months,” added Rahul Rosha, founder and managing director, Novique Health.
BeatO’s revenues have soared 600 per cent in the last year and the company is clocking an annual gross revenue run-rate of INR 70 crore. In July, BeatO raised $5.7 million led by W Health Ventures. The funds will be utilized to grow its subscriber base across multiple channels and geographies as well as for product enhancement to provide care for other cardio-metabolic conditions.
The company has currently expanded to 650,000 registered members, out of which 300,000 are paid members serviced across 3,000 cities in India.