New Delhi-based healthtech startup has acquired Pune-based Novique Health for an undisclosed amount. BeatO, which provides a full-stack solution for diabetes management, is now looking to offer diabetes reversal programmes with Novique as a part of this deal.
According to the official statement, with this acquisition, BeatO is looking to augment its services of combating diabetes through clinically proven management, reduction, and reversal of diabetes by addressing the root cause of the condition. As part of the deal, Novieque’s team will join BeatO and Founder Rahul Rosha, who comes with over 20 years of experience in the healthcare sector, will join BeatO’s leadership team.
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“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,” said Gautam Chopra, Founder and CEO of BeatO, in a statement.
Speaking with YS, Gautam explained that Novique Health offers a clinically scientific approach to reverse diabetes. It uses psychographic segmentation technique to identify users with Type 2 diabetes that can be reversed, and provides intensive behaviour change programme to help them achieve the results.
Founded in 2015 by Gautam Chopra along with Yash Sehgal, BeatO offers a digital health ecosystem for chronic condition management. It combines IoT monitoring with the BeatO app ecosystem to ensure end-to-end management for its members. The startup also recently named its Chief Technology Officer (CTO), Kunal Kinalekar, as the Co-founder and CTO of the company.
BeatO’s AI-powered smart health management system provides actionable insights and real time data-driven intervention and evidence-based care programs. It also provides solutions for all daily needs of a person, ranging from scheduling medication deliveries and lab tests to purchasing affordable insurance and specially-curated foods and beverages.
This development comes in after BeatO recently raised $5.7 million in a round led by W Health Ventures in July. The startup claimed to be clocking an annual gross revenue run-rate of Rs 70 crore. The funds are being deployed to grow its subscriber base across multiple channels and geographies and for product enhancement to provide care for other cardio-metabolic conditions. It claims to have 650,000 registered members at present, including 300,000 paid members.
“The conversation initially started off as a partnership and we have been already working on a few modules. Rahul and I got along in terms of our vision and deepened our relationship with the acquisition. Some of the modules for the programme has been in the pipeline for the last couple of months,” said Gautam.
“By October, we will see the launch of new innovative products across different cohorts of members who require either reduction or reversal of diabetes. Having said that, Novique already has a programme in place and it will continue to progress,” he added.
Novique Health, founded in 2016, is an online specialty medical clinic that is focussed on the treatment and reversal of Type 2 diabetes. Its differentiated clinical programme helps patients reverse diabetes by addressing the root cause of diabetes, i.e., insulin resistance and carbohydrate intolerance, and not just target the symptom of the disease. It offers psychographic segmentation and intensive behaviour change coaching to help its members reverse their conditions.
The startup claimed that 60 percent of its members could reduce their HbA1c to the normal range on the 10-week program. It also claimed that 100 percent of its members on insulin could completely eliminate insulin need post the programme.
“We believe BeatO is the ideal partner to build a full stack of solutions for diabetes – starting from monitoring, management, and now reversal. We found a perfect match for customer-centricity and focus on driving evidence-based improvement in the health outcomes of customers. We are excited to build a whole slew of innovative services to be introduced in the next few months,” Rahul said in a statement.
