India’s based digital care ecosystem for chronic condition management, BeatO has raised Rs 42 crore in funding led by 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 Rs 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% in the last year and the Company is clocking an annual gross revenue run-rate of Rs 70 crore.
This growth is backed by a sharp increase in patient engagement. An average BeatO member measures their blood glucose ~9 times per month, which is 3x more than India’s average, and can bring their sugar levels under control within 3 months. This can largely be attributed to BeatO’s user-friendly app (which makes measuring and tracking blood glucose levels easy), real-time actionable insights, and data-driven proactive intervention through BeatO’s health coaches and doctors.
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%, and for patients prone to hypoglycemia, the program is effective in reducing hypoglycemia incidence by 52%.
Commenting on the new funding, Gautam Chopra, Co-Founder & CEO – BeatO said, “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% 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”.
“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-2 and tier-3 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 cares a reality for millions of Indians.” said Dr. Pankaj Jethwani, Executive Vice President at 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.