Diabetes focused startup Wellthy Therapeutics has secured $4.2 Mn or INR 30.33 crore in a pre-series A funding round. The capital infusion round was spearheaded by Samaa Capital, a VC firm specializing in early-stage investment. No other investor or investment firm participated in the funding round.
Wellthy, which is based in Mumbai, had to wait bit long to secure fresh funding from external investors. In 2018, the Mumbai headquartered startup raised $2.1 Mn or 13.5 crore in a seed funding round from MEMG.
Pharmaceutical giant Cipla also happens to be one of the prominent stakeholders in the company. India’s third largest drug maker last year announced that it would acquire 11.71% stake for approximately $1.5 Mn. This stake sale agreement also led to a strategic partnership between the two companies, with both companies agreeing to offer a combination of pharmacotherapy and digital therapeutics for improved medical outcomes in the critical area of Diabetology and Cardiology.
Founded almost five years back, Wellthy helps type 2 diabetes patients to keep track of their meals and blood sugar levels through its mobile app. The app is available for download on IOS as well as android devices.
According to a rough estimate, almost 77 Mn people across India are affected by diabetes. This means that every 6th or 7th person in India is coping with different types of insulin problems. However, it is type 2 diabetes that accounts for almost 90% of diabetes cases in the country while other types of diabetes constitute as niche medical problems. Doctors blame hereditary issues as well as adverse lifestyle habits for sporadic growth of diabetes in the Indian population.
The unhindered growth of diabetes and other complex health problems has given rise to the slew of healthcare startups that promises to alleviate the health quotient of Indian citizens.