Indian diabetes management startup extends series A with $5m raise

Sugar.fit founders Shivtosh Kumar (left) and Madan Somasundaram / Photo credit: Sugar.fit

India’s healthtech market could reach US$35 billion in size by 2030, a whopping 14x increase from 2022. A BCG report found that startups will be a main growth driver in the space, citing consumers’ positive reception to healthcare digitization.

One rising startup in the space is Sugar.fit, an India-based healthtech startup focused on treatment for diabetes – a relatively rampant disease in the country. According to the World Health Organization, about 77 million adults in India have Type 2 diabetes.

The company has secured US$5 million in an extension of its series A round. This brings the company’s total funding for the round to US$16 million.

B Capital, the VC firm established by Facebook co-founder Eduardo Saverin, led the extension. Previous investors in the series A round include MassMutual Ventures, Tanglin Venture Partners, and Endiya Partners.

Founded in 2021, Sugar.fit offers a subscription-based diabetes reversal program, which blends tech with personalized human interventions. Through the platform, diabetes doctors and nutritionists use tools like continuous glucose monitors and fitness trackers to monitor their patients’ condition in real time. Its solutions are used by over 30,000 users.

A subscription provides a glucose monitoring tool, a specified number of consultations with doctors, as well as access to its patented mobile app that can help track users’ blood sugar levels. According to Sugar.fit, 90% of users that go through its program see reduced blood sugar levels as well as decreased reliance on medication.

The firm also has a physical presence, operating seven diabetes clinics across Bangalore.

“India faces the challenge of managing a dual disease burden, marked by the increasing prevalence of chronic care conditions, notably diabetes,” said Karan Mohla, general partner at B Capital, in a statement. “Despite significant investments in healthcare, we continue to grapple with the enduring challenges of access, affordability, and quality.”

Sugar.fit said it will use the fresh funds to help increase brand presence while strengthening research and development.

See also: 20 largest exits in India