Delhi-based healthcare startup BeatO reported a 29.25% growth in revenue to Rs 29.42 crore in FY24, compared to Rs 22.77 crore in FY23.
BeatO provides a full-stack diabetes management program that helps users manage exercise, diet, medicine intake, and diagnosis while connecting users with doctors and diabetes educators for instant real-time guidance. Its innovative approach integrates health management with technology, offering personalized solutions for individuals with diabetes.
BeatO’s expense structure increased by 5.1% to Rs 83.09 crore in FY24, up from Rs 79.06 crore in FY23. Employee benefit costs accounted for 39.25% of total expenses in FY24, compared to 25.75% in FY23. Advertisement expenses saw a notable reduction, contributing 12.34% in FY24, down from 30.02% in FY23. Depreciation and finance costs remained minimal at 0.52% and 2.22% of total expenses in FY24, respectively.
Despite the revenue growth, BeatO’s losses narrowed slightly to Rs 53.67 crore in FY24 from Rs 56.29 crore in FY23, indicating progress in cost management. The EBITDA margin improved to -174.61% in FY24 from -238.76% in FY23, while the ROCE declined to -33.83% in FY24 from -26.28% in FY23, reflecting ongoing capital efficiency challenges.
Founded in 2015, BeatO has raised a total of Rs 412.76 crore across ten funding rounds, with its latest Series B round closing on November 16, 2022. The company’s shareholding structure includes Flipkart (1.83%), HealthQuad (8.08%), Gautam Chopra (7.80%), Yash Sehgal (7.80%), and ESOS (3.50%).
As it continues to scale, BeatO remains committed to leveraging technology to transform diabetes management, positioning itself as a key player in India’s growing healthtech sector.