Fitterfly, a healthtech company offering digital therapeutics (DTx), has raised $3.1 Mn in a Pre-Series A round led by Fireside Ventures, which now holds a significant stake in the startup. Notably, this is Fireside’s first bet in the telemedicine and healthtech segment. Previously, the VC firm has invested in Indian startups such as boAt and Mamaearth.
The round also saw participation from 9Unicorns, Venture Catalysts and various angel investors. The funds would be used to deliver better patient outcomes at scale, creating awareness and expanding the company’s reach.
Founded in 2016 around a clinical nutrition database and disease-specific nutrition advisory algorithms, Fitterfly pivoted to the DTx model in December 2019. The startup offers customised therapeutic programmes for diabetes, obesity, pregnancy and child wellness. Designed to be an add-on to a doctor’s medical therapy, DTx offers guidance around nutrition, exercise and mental wellbeing. The company’s 140+ member team comprises doctors, engineers and senior nutritionists.
“Covid-19 has pushed remote monitoring and digital therapeutics to the forefront of medicine. We are solving difficult problems that affect almost 30-40 per cent of the population. We are seeing good support from doctors as a prescription product, saving their time and helping them achieve better outcomes,” said Arbinder Singal, cofounder and CEO at Fitterfly. Singal claimed that more than 10,000 people have subscribed to Fitterfly’s DTx programmes.
In June 2019, Fitterfly had raised a seed round of $1 Mn from HNIs, family & friends.
According to an Inc42 Plus analysis, India’s healthtech market is estimated to reach $21 Bn by 2025, which is only 3.3% of the total addressable healthcare market pegged to reach $638 Bn by that year. This also indicates there is enough room for growth in the healthtech segment, especially in India. Some of the biggest healthtech startups in India include Curefit, Mfine, Quer.ai, Practo, 1mg, Healthkart and others.
The telemedicine market has the maximum potential in the healthtech segment in India. It is expected to touch $5.4 Bn by 2025, growing at a compound annual growth rate (CAGR) of 31%, according to a recent Inc42 Plus report titled India’s eHealth Market Opportunity Report, 2021.