Mumbai-based diabetes management platform Wellthy has bagged an undisclosed sum from early-stage investor GrowX. Still, it is ambiguous whether this is the company’s seed round of funding as GrowX typically makes early and seed stage investments.
It is reported that both the companies, GrowX Ventures and Wellthy, were in talks with each other but they did not elaborate on the specifics of the fundraising.
On the development, Ashish Taneja, co-founder of GrowX, said:
GrowX Ventures believes in supporting firms with potential, and as such, we have a diverse portfolio of passionate and driven organisations that we have become a part of. Wellthy Therapeutics is one such organisation that we are looking closely into since diabetes is a huge public health concern in India and Asia.
He further added that:
We believe digital therapeutics is the future of chronic disease management. However, it is too early for us to furnish any details regarding our plans for them.
Operated by Wellthy Therapeutics Pvt Ltd, the company was founded in December 2015 by Shah along with Prayat Shah, Maaz Sheikh and Mayuresh Joshi. But, it was reported that the company formally launched operations only in January 2017.
The company essentially offers a mobile app, which prescribes a diabetes control programme for its users through a series of interventions that include a personalised nutrition plan and a dedicated health coach. Diabetics can also monitor their blood sugar levels through frequent logs into the app and use it to get customised data-driven consultations from a doctor.
On the occasion, Abhishek Shah, co-founder and chief executive of Wellthy, said:
While we are currently in conversation with GrowX Ventures, the discussions are at a nascent stage and it is too premature for us to comment on any specifics.
The app, which is currently available only for Android users, has seen more than 1,000 installs, according to information available on the Google Play Store page of the app.
The company previously received an undisclosed amount from Mumbai-based Design Capital Ventures LLP, which counts Cleartrip’s co-founder Hrush Bhatt as one of its partners.
Other healthcare bets that GrowX made this year include Doxper, an app that helps doctors maintain patients’ medical records. In August, the startup raised $750,000 (Rs 4.8 crore approximately) in seed funding led by Vidal Healthcare and GrowX Ventures.