Bengaluru-based healthtech startup Sugar.fit that helps users manage and reverse diabetes, is slated to raise $10 Mn in a seed round led by Cult.fit (formerly, Cure.fit). Endiya Partners and Tanglin Venture Partners will also participate in the round, which is expected to close by September.
Founded by Madan Somasundaram and Shivtosh Kumar, the platform was in stealth mode for nine months until June 2021. It is currently operational in Bengaluru and Delhi-NCR, eyeing an ARR of $1 Mn in the current quarter. The funding will help the startup expand to 10 cities over the next few months.
Sugar.fit helps users monitor their glucose levels, provides health consultations, personalized care meals, and stress relief & exercise plans. Somasundaram states, “90% of our users are seeing a significant drop in their blood sugar levels along with a 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.”
Hrithik Roshan-backed Cult.fit will support the Sugar.fit team with its fitness and wellness content, access to its consumer base in the country, and network of doctors and coaches.
Founded by Myntra cofounder Mukesh Bansal and former Flipkart executive Ankit Nagori in 2016, Cult.fit uses an online-offline model to offer physical fitness, mental fitness (Mind.fit), nutrition (Eat.fit), with a primary care vertical (Care.fit). It had also acquired connected fitness startup, TREAD to tap into the fitness hardware segment.
While Sugar.fit is not a direct brand under Cult.fit, the company will leverage the healthtech startup’s customer base to help them solve Type 2 diabetes problems and symptoms.
A report states that around 77 Mn people in India suffered from diabetes in 2019 and another 80 Mn are pre-diabetic. It is a leading cause of several fatal health complications which requires people to continuously monitor and regulate their sugar levels. There is increasing evidence that with proper medical and lifestyle interventions, diabetes can be prevented, managed better and even reversed.
Some major players in the health, fitness and wellness space are startups such as Stratfit, Growfitter, Fitnapp, and HealthifyMe, HealWell24 and Malaika Arora-backed SARVA Yoga.
In the diabetes diagnosis and prevention segment, Sugar.fit directly competes with Pharmeasy-backed BeatO. The healthtech recently raised almost $6 Mn and claims to have 500,000 app installs overall and 300,000 subscribers, with 25,000 such paying members joining every month.