Although diabetes may seem like a common medical condition, those who live with this illness understand the vital importance of monitoring their daily life. Two school friends, in order to conquer their personal battle with diabetes, birthed the idea of starting BeatO – a health management system to empower people with chronic conditions. With a mission to make good health simple, BeatO uses human support to offer personalized healthcare advice to every user. Let us read more about this healthcare platform and understand its business model, revenues, and future plans.
About BeatO
BeatO is a digital health ecosystem for chronic condition management, with a focus on diabetes, which is a significant health concern in India. With the country being known as the “diabetes capital” of the world, and the number of people with diabetes rapidly increasing in middle and low-income countries, BeatO aims to provide accessible, affordable, and simple diabetes management solutions.
Through a smart health management system powered by AI and IoT, BeatO offers actionable insights and real-time data-driven diabetes reduction and reversal programs. Currently, the platform has 650,000 registered members, out of which 300,000 are paid members serviced across 3,000 cities in India.
BeatO’s co-founder and CEO, Gautam Chopra, explained that they started with a simple app providing rich content for people with diabetes, but as they progressed, they noticed the need for deeper engagement with customers on lifecycle management. As a result, they expanded their focus to building a full-stack solution that touches every aspect of a diabetic’s life, driving deep engagement and positive health outcomes.
Vision and Mission
BeatO’s primary goal is to democratize healthcare by utilizing technology to make it easier, accessible, and affordable for millions of people in Bharat.
The Idea
In 2015, the co-founders of BeatO, met when one of them was diagnosed with pre-diabetes and the other was struggling to manage their diabetic condition. Despite being located in Delhi, they found the experience of managing diabetes to be fragmented and disjointed due to overflowing OPDs and a large number of young people grappling with the same problem.
They soon realized that this situation was even more amplified in smaller towns, where access to good quality healthcare and specialist doctors was not readily available. With over 80 million diabetics in India, a significant portion of whom live in remote areas, BeatO was founded to make diabetes and chronic condition management accessible, affordable, and simple for people with diabetes in India, even in areas where healthcare is available but difficult to find everything in one place.
Business Model
As part of its business model, BeatO is collaborating with various B2B partners in the insurance, pharmaceutical, and service provider industries. The platform aims to expand its evidence-based nutrition programs, enabled by real-time monitoring, while also considering geographic expansion into other Asian countries with large populations and high rates of diabetes, such as Indonesia, Thailand, and Malaysia.
To achieve its business goals, the company has adopted an omnichannel distribution approach. This includes online distribution through its own app and website, as well as e-commerce platforms like Amazon and Flipkart, and e-pharmacies such as PharmEasy and 1mg. Additionally, Beat O has established partnerships for diabetes care programs with doctors, insurance companies, and pharmaceutical companies. It also sells its products through offline channels, such as retail pharmacies.
BeatO’s Products
- BeatO App
BeatO is a digital care platform that provides expert guidance for managing and reversing diabetes. The platform offers a range of services, including remote monitoring via a smart and affordable connected glucometer, as well as a full-stack digital care ecosystem that includes care programs, doctor consultations, coaching, medications, and more. These services enable patients to receive holistic management of their diabetes.
- Curv
The Curv glucometer is a compact, Bluetooth-enabled device that connects to the BeatO app, allowing users to easily monitor their blood glucose levels on-the-go. The device features a large, easy-to-read display and requires only a small blood sample for accurate readings. Additionally, the Curv glucometer is affordable and reusable, making it a cost-effective solution for diabetes management.
- Smart
The BeatO Smart Glucometer is an advanced device that measures blood glucose levels and seamlessly syncs the readings to the BeatO app via Bluetooth. It offers features like reminders for glucose testing, personalized insights, and in-app support from expert coaches. The primary difference between the Smart Glucometer and the Curv device is that the Smart Glucometer is more advanced and offers additional features like reminders and coaching support.
- Abbott Sensor
The Abbott device is a Continuous Glucose Monitoring (CGM) device that provides real-time glucose readings every 5 minutes, giving users a better understanding of their glucose levels throughout the day. It also has customizable alerts for high and low glucose levels to help users take immediate action.
- Contour Plus One
The Contour Plus glucometer is a popular device for measuring blood glucose levels. It has a large display screen and provides accurate results in just five seconds.
Revenue
Following the COVID-19 outbreak in India, BeatO claims to have experienced substantial double-digit growth in both members and revenues on a monthly basis. The platform has now surpassed 500,000 app installs and boasts 300,000 paid members, with an additional 25,000 paid members joining every month.
Over the past year, the company’s revenues have skyrocketed by 600%, and it is currently generating an annual gross revenue run-rate of INR 70 crore.
Funding and Investors
The company has secured investments from prominent investors in four funding rounds, including W Health Ventures, Orios Venture Partners, Leo Capital, Blume Ventures, Parkview Ventures, as well as Pharmeasy and angel investors like Vishal Sampat and Rajeev Chitrabhanu.
Recently, the platform raised $5.7 million in a Pre-Series B funding round led by W Health Ventures, PharmEasy, and Merisis VP, along with continued support from existing investors Orios VP and Leo Capital. This brings the total funding raised over the past year to over $10 million across both Series A and Pre-Series B rounds.
Final Thoughts
BeatO’s success story is a testament to the power of innovation and technology in improving healthcare accessibility and affordability in India. With its comprehensive digital care platform and smart glucometer devices, BeatO is empowering millions of people with diabetes to take control of their health and lead better lives.
