Unraveling the financial details of Sugar.fit's SUnraveling the financial details of Sugar.fit's Series A funding round.eries A funding round.

Sugar.fit, a diabetes management startup based in Bengaluru, has successfully secured $11 million in its Series A funding round, led by MassMutual Ventures. The round also saw participation from existing investors Cure.fit, Tanglin Venture Partners, and Endiya Partners. While specific details were not disclosed by the company, regulatory filings analyzed by startup data intelligence platform TheKredible revealed that MassMutual Ventures contributed $7 million, with Cure.fit and Tanglin Venture Partners investing $1.5 million each, and Endiya Partners contributing $1 million.

The funding will be utilized by Sugar.fit to expand its product range, establish an offline presence, and accelerate research and development in the diabetes management field. TheKredible estimates the post-money valuation of Sugar.fit to be approximately $60 million or Rs 500 crore. This marks a significant increase from its seed funding valuation of close to Rs 190 crore.

Founded two years ago, Sugar.fit has raised a total of $21 million across two funding rounds. The startup's initial seed round, conducted in September 2021, raised $10 million from Cure.fit, Endiya Partners, and Tanglin Venture. Sugar.fit, led by Madan Somasundaram, offers a comprehensive diabetes care program by integrating various devices like continuous glucose monitors and fitness trackers. Users can monitor the real-time impact of their lifestyle on glucose levels and receive personalized guidance from diabetes specialists and health coaches covering aspects such as fitness, nutrition, and sleep.

Following the latest funding round, Cure.fit increased its stake in Sugar.fit to 47.32%, while MassMutual Ventures acquired 11.53% of the company's shares. Sugar.fit also maintains an Employee Stock Ownership Plan (ESOP) Pool of 5.91%. In the fiscal year 2023, the company witnessed a substantial growth in scale, reaching Rs 14 crore compared to Rs 2.16 crore in FY22. However, its losses also increased over twofold to Rs 30.84 crore in FY23 from Rs 13.81 crore in the previous fiscal year.