The full stack diabetes management platform BeatO has been expanding at a rapid pace, with its scale increasing by almost 2.5 times over the course of the previous fiscal year.
According to BeatO’s annual financial statement filed with the RoC, the company’s operating revenue increased by a factor of 2.43, going from Rs 7.97 crore in FY21 to Rs 19.4 crore during FY22. The sole source of income for the business during the reporting period was the sale of the diabetes management products that the company produces, which include a variety of consumables, including drinks and supplements.
In FY22, BeatO brought in a total of Rs 20.96 crore thanks to the 1.56 crore it made from financial instruments, bringing its total income to Rs.
BeatO is a comprehensive diabetes care programme that was established by Gautam Chopra, Yash Sehgal, and Abhishek Kumar. The programme addresses all aspects of diabetes management, including diagnosis, food, and the use of medication.
It claims to have 1.5 million members, of which there are 300,000 paying clients included in that number.
The expansion of BeatO’s scale can also be seen in the company’s cost of procurement, which increased by 3.4 times to Rs 25 crore in FY22 and accounted for 37% of the company’s overall spending. During the course of the year, expenses related to employee benefits, promotions, and postage increased by 2.1 times, 4.4 times, and 2.9 times, respectively, to a total of 15.43 crore, 13.32 crore, and 3.03 crore.
Also, the organisation was responsible for paying legal and professional costs of 2.96 crore during the fiscal year 22. This contributed to the overall expenses increasing by 2.8 times to 67.4 crore during the fiscal year 22 as compared to 24 crore during the fiscal year 21.
Moreover, BeatO’s losses increased by a factor of three during the fiscal year 22 to a total of Rs. 46.5 crore, up from Rs. At the same time period, the health tech startup had an operating revenue of 1 rupee for every 3.47 rupees in expenses.
As of right now, BeatO has managed to raise over $45 million, which includes a Series B round of funding that brought in $33 million back in November of last year. The business does not have any direct competitors in India; nevertheless, MDacne and Mydiabby Senetc are considered to be its global peers.