Health startup BeatO announced on Thursday that it has acquired Pune-based Novique Health for an undisclosed amount. Following this acquisition, BeatO said it will be able to augment its services of combating diabetes through clinically proven management, reduction, and reversal of diabetes. It will achieve this by addressing the condition’s root cause, the company said in its press release.
Following the acquisition, Novique’s team is likely to join BeatO’s team though both companies haven’t commented about the same.
This latest news comes close on the heels of BeatO’s recent foray into the South East Asian (SEA) market. This marked the health startup’s first-ever foray into the international market. The company joined hands with with Ascensia Diabetes Care to launch its products in the Singapore market.
As mentioned above, the latest acquisition will help BeatO in ramping up its services to fight the diabetic problem. Novique was founded as an online speciality medical clinic focused on a scientific approach for the treatment and reversal of Type 2 diabetes. The Pune based startup is known for using its proprietary technique of psychographic segmentation for members and intensive behaviour change coaching. This in-turn helps in tailoring clinical protocols that help patients improve medical outcomes.
Commenting on the acquisition, Gautam Chopra, Founder & CEO – BeatO, said: “At BeatO, we have built a data-driven and clinically robust solution for the monitoring and control of diabetes, driving positive health outcomes for our members. With Novique’s acquisition, we will leverage their expertise and scientific approach in reversing Type 2 diabetes, further strengthening BeatO’s clinical program.”
India is believed to be home to approximately 77 million diabetes inflicted people. There is also estimated prevalence of prediabetes in 14% of the population. All these factors conveniently point that there exists a lucrative market for diabetic solution in India.
In July this year, BeatO raised US$5.7 million led by W Health Ventures. Th company claims that its revenue soared 600% in the last year and is clocking an annual gross revenue run-rate of Rs70 crore. However, Techpluto could not independently verify these facts.