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Sweet Success: Sugar.fit's $11M Series A Funding Fuels Diabetes Management Revolution

Sugar.fit, a startup focused on managing diabetes, has successfully secured $11 million in its Series A funding round, with MassMutual Ventures leading the investment. Alongside MassMutual Ventures, existing backers including Cure.fit, Tanglin Venture Partners, and Endiya Partners also participated in the round.


Although specific details about the funding round were not disclosed by the Bengaluru-based company

MassMutual Ventures spearheaded the Series A round by injecting $7 million into Sugar.fit, followed by contributions of $1.5 million each from Cure.fit and Tanglin Venture Partners. Additionally, Endiya Partners joined in with an investment of $1 million.


Sugar.fit plans to utilize the fresh capital to broaden its product portfolio, establish a physical presence offline, and intensify its research and development efforts in the domain of diabetes management.


The company's post-money valuation stands at approximately Rs 500 crore or $60 million. This marks a significant increase from its valuation of close to Rs 190 crore during the seed funding round


Having raised a total of $21 million across two funding rounds, Sugar.fit initially secured a seed round of $10 million from Cure.fit, Endiya Partners, and Tanglin Venture in September 2021.


Under the leadership of Madan Somasundaram, Sugar.fit offers a comprehensive diabetes care program integrating various devices like continuous glucose monitors and fitness trackers. It also provides access to diabetes specialists and health coaches, enabling users to monitor real-time impacts of lifestyle choices on glucose levels and receive personalized guidance on fitness, nutrition, and sleep.


Following the Series A round, Cure.fit has increased its stake to 47.32%, while MassMutual Ventures now holds 11.53% of the company's shares. Additionally, Sugar.fit has established an ESOP Pool accounting for 5.91% of its ownership.


Despite experiencing significant growth in scale during FY23, with revenue soaring over 6X to Rs 14 crore from Rs 2.16 crore in FY22, Sugar.fit also reported increased losses. The company's losses more than doubled to Rs 30.84 crore in FY23 compared to Rs 13.81 crore in FY22.



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