Fitterfly Healthtech Pvt. Ltd has raised $12 million (around Rs 96 crore) in a Series A funding round led by Amazon Smbhav Venture Fund and Fireside Ventures, marking Amazon Smbhav’s first healthtech bet in India.
The fresh funds will be used to expand Diabefly’s reach, which is their digital therapeutics program to prevent, manage and reverse diabetes. The company will also invest to enhance Fitterfly’s technology stack to give unique clinical insights.
The round also witnessed participation from 9 Unicorns, Venture Catalysts, Nihar Parikh, Founder of 4point0 Health Ventures and Sriram Natarajan, founder of Molbio participated in this round.
Amazon Smbhav is a $250 million fund launched by Amazon to invest in SMB (small and medium businesses) digitization, agriculture, and healthcare startups.
“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 cardiac health space and grow our customer base by reaching out to people living with diabetes as well as the universe of doctors and organizations in the field of chronic disease management. Our corporate wellness models are pushing the envelope from ‘tick-mark-based bundling’ to an ‘outcome-based approach, said Arbinder Singal, co-founder and chief executive officer, Fitterfly.
Founded by Singal and Shailesh Gupta in 2016, Fitterfly has over 20,000 patients, through a 360-degree care approach and clinically prescribed therapy by more than 200 doctors across India. The company claims, this has led to a reduction of 1.5% points in HbA1c on average, which is comparable to the reduction seen by oral diabetes drugs.
The Navi Mumbai-headquartered company has over 200 employees. To date, Fitterfly has raised over $16.6 million in funding.
The Healthcare space has had several deals recently.
In a similar deal, Eka Care raised $15 million in a Series A round led by Hummingbird Ventures. Started by GoIbibo founders Vikalp Sahni and Deepak Tuli in 2020, Eka Care aims to build health profiles for Indians in a bid to achieve better health outcomes and savings in healthcare expenditure. It also has a digital clinic management tool.
Last week, Mental health platform Wysa raised $20 million as part of its Series B funding round led by venture capital firm HealthQuad.