Navi Mumbai-based Fitterfly, a healthtech startup offering personalized digital therapeutics programmes, has raised $12 million in a new financing round to enhance its technology stack and branding, and improve the reach of its diabetes management programme.
Founded in 2016 by Dr Arbinder Singal and Shailesh Gupta, Fitterfly offers personalized digital therapeutics programmes for diabetes, pregnancy, PCOS, and obesity to deliver health outcomes. “We want to take our clinically-proven diabetes and weight management system to the people who need it the most,” Dr. Arbinder Singal, Co-founder & CEO of Fitterfly.
Amazon Smbhav Venture Fund and Fireside Ventures co-led the Series A round, along with the participation from 9Unicorns, Venture Catalysts, Nihar Parikh, Founder of 4point0 Health Ventures, and Sriram Natarajan, Founder of Molbio. The latest round brings its all-time raise to $16.6 million.
“This funding will help us strengthen our research, launch new verticals in the heart 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,” said Dr. Arbinder Singal.
As it claims, Fitterfly has managed over 20,000 patients until now through a 360-degree care approach and clinically prescribed therapy by more than 200 doctors across the country. The startup also said it is the only Indian startup to have presented 5 papers about diabetes at the American Diabetes Association Conference in 2022.
Currently, it has a total of 50+ papers published at multiple international and national forums by the International Diabetes Federation, American Association of Clinical Endocrinologists, US Endo, European Congress, RSSDI, etc.
Notably, This is Amazon Smbhav Venture Fund’s first investment in the healthtech sector in India. “We launched the $250 million Amazon Smbhav Venture Fund in April last year to invest in early-stage entrepreneurs and tech start-ups. Amongst others, one of the key focus areas for the fund is healthcare,” said an Amazon Smbhav Venture Fund spokesperson.
“The team at Fitterfly is doing some inspiring work to create clinically-validated digital therapeutic solutions. We are excited by their mission of using technology to solve some of the most prevalent healthcare issues in India like diabetes, obesity, and heart disease. Their value proposition, the potential for large-scale impact, and clinical validation is exciting for us.”.
Commenting on the investment, Kanwaljit Singh, Founder & Managing Partner of Fireside Ventures, said, “I have known Arbinder for more than a decade and his experience as a doctor and a serial entrepreneur is very meaningful for building an impactful global company. When we backed Fitterfly last year, we were sure of their capabilities in this domain. Today, as we reaffirm our support to them, we hope to see the same zeal in expanding their reach.”