- Fresh funds to be utilized in enlarging its subscriber base across channels/geographies and for product enhancement to provide care for more cardiometabolic conditions
NEW DELHI, July 8, 2021 /PRNewswire/ -- BeatO – India's leading digital care ecosystem for chronic condition management – has raised USD 5.7 million in funding led by US-based venture capital firm, W Health Ventures. The funding also saw participation from e-pharmacy Unicorn 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 more than USD 10 million 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 through 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. With around 463 million people with diabetes and 1.13 billion with hypertension across the world, BeatO seeks to expand its presence beyond India to the ASEAN countries, Middle East and the US to provide better health outcomes to people with chronic conditions. BeatO recently entered the ASEAN market by launching operations in Singapore.
Commenting on the new funding, Gautam Chopra, Co-Founder & CEO – BeatO, said, "Diabetes and Hypertension have been the major killers in this pandemic. 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 global 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. 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 people across the world," said Dr. Pankaj Jethwani, Executive Vice President at W Health Ventures.
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 same period and the Company is clocking an annual gross revenue run-rate of USD 10 million. BeatO's growth is backed by a sharp increase in patient engagement and robust customer retention. 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 via 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 hypoglycaemia, the program is effective in reducing hypoglycaemia incidence by 52%.