Sugar.fit to raise $10 mn in seed funding1 min read . Updated: 03 Sep 2021, 02:42 PM IST
- Sugar.fit claims to hit $1 million annual recurring revenue this quarter and plans to expand to 10 cities over the next few months
Healthcare startup Sugar.fit on Friday said it is set to raise $10 million in seed funding from health and fitness firm Cure.fit along with early-stage venture capital fund Endiya Partners and Tanglin Venture. The investment is expected to close by September 2021.
Sugar.fit seeks to manage and reverse diabetes through a highly consumer-centric data-driven digital health experience. Launched two months ago with operations in Bengaluru and Delhi-NCR, the company claims to hit $1 million annual recurring revenue (ARR) this quarter. Sugar.fit plans to expand to 10 cities over the next few months.
Madan Somasundaram, co-founder of Sugar.fit said that 90% of our users are seeing a significant drop in their blood sugar levels along with drastic reduction in medication and weight and are on track for diabetes reversal.
"Our customers have rated the product 3.9 on a scale of 4 and we are seeing referrals from word-of-mouth every day. I am confident that Sugar.fit can sustainably manage and reverse diabetes for millions of Indians in the next few years," he added.
About 70 million people in India suffer from diabetes and another 80 million are pre-diabetic. The startup uses continuous glucose monitoring technology (CGM), which helps users see real-time impact of various food and lifestyle activities on their blood sugar level. Sugar.fit’s program further combines medical experts with technology, including coaching, personalised analytics, and integrated devices and testing.
Through this partnership, one of the investors Cure.fit will also actively support the Sugar.fit team with their fitness and wellness content, and access to their millions of health-conscious consumer base in the country.
Ramesh Byrapaneni, partner, Endiya Partners said that there is increasing evidence that with proper medical and lifestyle interventions, diabetes can be prevented, managed better and even reversed.
"However, current systems of care management are often generic and lack personalisation. Sugar.fit’s goal to sustainably manage and reverse diabetes for millions of Indians in the next few years is a worthy goal which we at Endiya are thrilled to partner in," he added.
Sugar.fit’s founding team includes Madan Somasundaram and Shivtosh Kumar and the core founding team comes with vast experience in building and scaling products at Cure.fit, Dailyhunt, Flipkart, Myntra, Samsung etc. Majority of the tech team is from Cure.fit.
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