BeatO Raises INR 42 Cr Funding Led By W Health Ventures
The fresh funds will be utilized across two key areas: growth in subscriber base across multiple channels and geographies, and product enhancement to provide care for other cardiometabolic conditions
Digital care ecosystem for chronic condition management BeatO on Wednesday announced to have raised INR 42 crore in funding led by the US-based venture capital firm W Health Ventures. The funding also saw participation from PharmEasy (a Threpsi Solutions Pvt. Ltd brand), Merisis VP, and existing investors Orios VP, Leo Capital, and others. With this new funding, BeatO has raised INR 75 crore over the last year across its Series A and Pre-Series B rounds.
The fresh funds will be utilized across two key areas – growth in subscriber base across multiple channels and geographies, and product enhancement to provide care for other cardiometabolic conditions.
BeatO's digital health platform combines real-time monitoring via its IoT-connected devices and app ecosystem to provide AI-driven personalized insights and proactive intervention by doctors and health coaches to patients with chronic conditions such as diabetes.
After the COVID-19 outbreak in India, BeatO has seen a significant double-digit month-on-month growth both in members and revenues. BeatO has expanded to 500,000 app installs and 300,000 paid members (adding 25,000 paid members every month). 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.
"Diabetes and Hypertension have been the major killers in this pandemic. The situation looks even more grave when you consider that out of the 200 million Indians who have these conditions, 80 per cent have uncontrolled levels. With our holistic tech-based solution that supports end-to-end management for these conditions, we have a proven product and technology with a highly engaged and rapidly growing member base. We welcome our new partners in our exciting journey as we continue to address this large problem and positively impact millions of lives," said Gautam Chopra, co-founder and chief executive officer, BeatO.
This growth is backed by a sharp increase in patient engagement. An average BeatO member measures their blood glucose over nine times per month, which is threefold more than India's average and can bring their sugar levels under control within 3 months.
Higher engagement is driving better clinical outcomes. BeatO's real-world evidence-based studies have been published in the prestigious American Diabetes Association and the Advanced Technologies and Treatment for Diabetes forums. These large population-based studies from India demonstrated that within 30 days, BeatO's program is effective in reducing mean blood glucose levels by 10 per cent and for patients prone to hypoglycemia, the program is effective in reducing hypoglycemia incidence by 52 per cent.
"We're impressed with BeatO's unparalleled patient experience and outstanding clinical results. The Company's exponential growth is driven by its ability to transcend geographical and socio-economic barriers to also reach tier-II and tier-III cities in India, where access to diabetes care is generally limited. We're thrilled to join the BeatO team in this exciting journey of making affordable, accessible, and world-class diabetes care a reality for millions of Indians," added Dr. Pankaj Jethwani, executive vice president, W Health Ventures.
Indian E-pharmacy unicorn PharmEasy (brand of Threpsi Solutions Pvt Ltd.) has also invested in BeatO's current round and both companies are looking to partner towards building technology and new products to improve the health outcomes of patients with chronic conditions across both platforms.