Orios Venture Partners leads Rs 11.75 Crore funding round in health-tech startup BeatO

Proceeds from the pre-Series A round of funding will be used by three-year-old BeatO to expand the product line for its flagship glucometer, as well as into the FMCG and retail categories

Biswarup Gooptu ,
ETtech

Published On Mar 20, 2019 at 04:44 PM IST

<p>From L to R: Kunal Kinalkar, Chief Technology Officer, BeatO, Gautam Chopra, Co-Founder and CEO, BeatO, Anup Jain, Managing Partner, Orios Venture Partners, Yash Sehgal, Co-Founder and COO, BeatO</p> — From L to R: Kunal Kinalkar, Chief Technology Officer, BeatO, Gautam Chopra, Co-Founder and CEO, BeatO, Anup Jain, Managing Partner, Orios Venture Partners, Yash Sehgal, Co-Founder and COO, BeatO

Orios Venture Partners has led a Rs 11.75 crore funding round in health-tech device maker BeatO, a transaction that has also seen the participation of the Delhi-based venture’s existing backers Blume Ventures and Leo Capital.

Proceeds from the pre-Series A round of funding will be used by three-year-old BeatO to expand the product line for its flagship glucometer, as well as into the FMCG and retail categories. The startup will also use a significant portion of the capital raised to invest further in R&D, platform upgradation for auto-suggestions basis blood sugar readings, and product development.

“Diabetic population in the country has touched 80 million and is growing at over 6% CAGR… 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,” Anup Jain, managing partner at Orios Venture Partners, said in a statement.

Founded by Gautam Chopra and Yash Sehgal in September 2015, BeatO had previously raised an undisclosed sum in seed funding from Blume Ventures and Leo Capital in 2017.

The company provides diabetes management programmes, helping diabetics to self-manage activities such as regular exercise, controlled diet, medicines and diagnostics, and regular monitoring of blood sugar levels through its smartphone-based glucometer and mobile app.

“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 customised food and retail products,” Chopra, chief executive of BeatO, said.

The BeatO glucometer, along with the app, helps users keep a record of all their readings, connect them with 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.