Healthtech startup Sugar.fit has raised $11 Mn in Series A funding led by MassMutual Ventures. The round saw participation from existing investors including Cure.fit, Tanglin Venture Partners, and Endiya Partners.
The healtech startup will use the fresh capital to expand its product offering, launch an offline presence, and accelerate research and development in the field of diabetes management, stepping up the brand’s footprint and growth.
“We are more committed than ever to help people with Type 2 and pre-diabetes manage and reverse their condition. This investment will enable us to further enhance our technology and expand our reach across India, ultimately helping more people take control of their diabetes and improve their health,” Madan Somasundaram, cofounder and CEO of Sugar.fit said.
Founded in 2021 by Madan Somasundaram and Shivtosh Kumar, Sugar.fit seeks to manage and reverse Type 2 and pre-diabetes through a holistic, science-backed, and data-driven digital health experience.
Sugar.fit provides a comprehensive diabetes care programme that incorporates various devices like continuous glucose monitors, fitness trackers, and health diagnostics. It also offers convenient access to diabetes specialists and health coaches.
Sugar.fit raised $10 Mn in a seed funding round in 2021. The startup has claimed to witness 8X growth in paid subscribers, and currently serves more than 25,000 users on its platform over the past 18 months.
According to a recent study published in the Lancet earlier this year, it is estimated that 101 Mn people in India, which accounts for 11.4% of the country’s population, are currently living with diabetes. Additionally, a survey conducted by the health ministry suggests that 136 Mn individuals, equivalent to 15.3% of the population, may be living with pre-diabetes. Hence, the startup may play a critical role in addressing India’s diabetes epidemic.
Last month, healthtech SaaS startup Doceree raised $35 Mn in its Series B funding round led by Creageis. Another Delhi NCR-based healthtech startup Zivov is also in advanced talks to raise around $5 Mn in its Pre-Series A funding round, Inc42 reported.
According to Inc42’s “Indian Startup Funding Report Q3 2023,” the funding winter persisted into the third quarter, lasting 18 months. Funding in Q3 2023 was only $1.7 Bn, the lowest in three quarters, with a 43.8% YoY drop. Healthtech startups raised $62 Mn in the quarter, as per the report.
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