Indian health-tech company working in the field of Digital Therapeutics has announced to raise $12 million (about Rs 96 crore) in series A funding led by Amazon Smbhav Venture Fund and Fireside Ventures. According to the company, This is Amazon Smbhav Venture Fund's first health tech investment in India.
The co-investors in this round include 9 Unicorns, Venture Catalysts and 4point0 Health Ventures founder Nihar Parikh and molbio founder Sriram Natarajan. The company said that the funding will be used to expand reach, enhance branding and improve the technology stack.
“We want to take our clinically-proven diabetes and weight management system to the people who need it the most. This funding will help us strengthen our research, launch new verticals in the heart health space and grow our customer base by reaching out to people living with diabetes as well as the universe of doctors and organisations in the field of chronic disease management,” Fitterfly CEO and co-founder Arbinder Singal said in the statement.
Fitterfly claims to have managed over 20,000 patients till date through a 360-degree care approach and clinically prescribed therapy by more than 200 doctors across India. It said that the programme has led to a reduction of 1.5 per cent points in HbA1c on an average, which is comparable to the reduction seen by oral diabetes drugs.
While a significant number of people in the early stages of the disease have been able to achieve complete reversal, those in the later stages were able to reduce their dependence on medicines, achieve better sugar control and avoid complications, the statement said.
“We launched the $250 million Amazon Smbhav Venture Fund in April last year to invest in early-stage entrepreneurs and tech start-ups. Led by Arbinder Singal and Shailesh Gupta, the team at Fitterfly is doing some inspiring work to create clinically-validated digital therapeutic solutions. We are excited by their mission of using technology to solve some of the most prevalent healthcare issues in India like diabetes, obesity and heart disease,” Amazon Sambhav Venture Fund said.