Healthtech startup Inito has raised $29 Mn (INR 261.9 Cr) in a Series B funding round co-led by Bertelsmann India Investments (BII) and existing investor Fireside Ventures.
With this investment, the startup is looking to expand its offerings beyond fertility to build a broader at-home hormone and health diagnostics platform powered by AI-engineered antibodies
“The new capital accelerates Inito’s work that allows diagnostic tests to be designed in silico rather than developed through slow, inconsistent, animal-based methods, setting the stage for faster innovation and a wider range of at-home tests that can reach more people worldwide,” the healthtech platform said in a statement.
Founded in 2015 by Aayush Rai and Varun AV, Inito offers tools for at-home health checkups and management. The startup’s flagship fertility monitor helps women track fertility hormones in 10 minutes and provides advanced personalised analytics about their reproductive health.
The Bengaluru-based startup claims to have over 20 patents and holds a database of more than 30 Mn fertility hormone tests. With the growing database, Inito is focussed on expanding its global team across Dubai, Bangalore and London.
Since its inception, Inito had raised about $16 Mn excluding the current round, from Fireside Ventures, Y Combinator and a dozen physicians and family offices. On the financial front, Inito’s profit surged multifold to INR 7.7 Cr in FY24 from INR 11 Lakh in the previous fiscal. Its total revenue for the fiscal more than doubled YoY to INR 53 Cr. The startup is yet to disclose its FY25 report card.
The development comes at a time when the demand for at-home diagnostics is rising as the service, which was initially restricted to senior citizens with limited tests, has grown to include various age groups. Numerous diagnostics options and other health services like medical consultation, tests, sample collection, medicine delivery, among various others at affordable prices have become more prevalent in today’s day.
As per BlueWeave Consulting, the Indian home diagnostics services market is expected to expand to $330 Mn by 2031 from $221 Mn in 2024, growing at a CAGR of 5.8%.
The growing opportunity has been an attractive factor for businesses to look into expanding their portfolio of diagnostics options offered to their customers. For instance, Amazon expanded into the healthcare segment in June, with the launch of Amazon Diagnostics, a home healthcare service that allows customers to book lab tests, schedule appointments and receive digital reports directly via the app.
