BeatO raises INR 11.75 Crores from Orios Venture Partners, others


New Delhi, India, March 20, 2019- BeatO, the Delhi based health-tech
start up, announced the closure of its Pre-Series A round of INR 11.75 Crores.
Orios Venture Partners led the funding round with participation from existing
investors -Blume Ventures, Leo Capital and Vishal Sampat.
BeatO focuses on meeting the end to
end needs of a person with diabetes. As is commonly known, a diabetes
management program requires regular exercise, controlled diet, medicines and
diagnostics and regular monitoring of blood sugar. BeatO helps a diabetic
self-manage these activities by providing a full-stack of services and products
on a web and app ecosystem. The consumer starts to use BeatO by purchasing
their smartphone -based glucometer that connects with the mobile app.
The BeatO Glucometer connects to the
user’s smartphone and works with the feature rich BeatO app. The product and
its concept is superior to normal glucometers in the market. The glucometer
along with the app helps you keep a record of all your readings in an organized
manner and connects you to doctors and diabetes educators instantly to get
guidance real time in case readings go out of the desired range. Based on the
sugar readings, it provides instant alerts to family and caregivers too, and,
also predicts HbA1c that is used globally to monitor blood sugar effectively.
Once signed up, the user can order home delivery of medicines and diagnostics
and BeatO’s range of specialty diabetes friendly food and drinks such as
snacks, breakfast cereals, teas, juices and vinegars. Not just these, one can
also buy diabetic footwear and a range of recently launched Ayurveda products.
The app also has a section of rich video and written content in English and
Hindi, comprising doctor tips, recipes and yoga workshops that simplify
diabetes management.
The company will utilize the funds to
increase its user base and revenue, which have grown 10 X over the last 12
months and expand the product line for its flagship glucometer and FMCG/retail
categories. The team will also be investing in R&D, platform upgradation
for auto-suggestions basis blood sugar readings and product development in
order to come up with new and innovative products and services for its
ecosystem, which will enable consumers to manage diabetes in a better way.
Speaking about the recent fund raise,
Gautam Chopra, Co-founder, BeatO stated, “We are thrilled to have Orios Venture
Partners onboard our journey. As a company we are on a mission to scale up a
credible full stack tech-enabled ecosystem for those with diabetes and, help
them meet all of their specific needs to lead a healthy life. With increase in
the disposable income in the Indian middle-class, we foresee an increase in the
discretionary spends. For a diabetic, we expect this to be channelled into
personal management solutions and more consumption of customized food and
retail products.”
Commenting on the fundraise, Anup
Jain, Managing Partner at Orios Venture Partners said, “Orios believes in
investing behind strong founders that create disruption in large markets.
Diabetic population in the country has touched 80 Million and is growing at +6%
CAGR. A diabetic consumer spends more than $1000 across different aspects of
their medical care and lifestyle in a year. This is currently a broken
experience with multiple suppliers that don’t talk to each other or to the user
on a common platform. BeatO provides the one place where diabetes can be
monitored and managed with the greatest convenience by the user and his
caregivers, that is necessary in today’s fast paced life. In Gautam and Yash,
we found mission-driven entrepreneurs who were looking to solve this massive
problem. Being close to the problem, their understanding of the pain points and
motivation for solving this ailment is very deep. As a business model, it is
obvious the audience is sticky and the lifetime value / one time acquisition
cost is extremely attractive.”
Arpit Agarwal, Principal, Blume Ventures
said, “Lifestyle diseases are fast becoming an epidemic in India. Managing
diabetes alone is now big enough a market for large businesses to be built.
Hence, we continue to feel excited about the path BeatO is taking. Through this
journey working closely with the founders for more than a year, we have found
them forward looking, imaginative and highly focused. They have managed to
create a very sticky user base with very limited capital. With Orios’
experience in helping build some of India’s top consumer brands, we look
forward to accelerating BeatO’s quest towards pre-eminence in Healthcare in
Founded in end of 2015 by Gautam
Chopra and Yash Sehgal, BeatO currently serves 50,000 diabetic customers in
more than 1,500 cities and is currently fulfilling over 15,000 transactions a
month. It had previously raised a seed fund from Blume Ventures and Leo Capital
in 2017.