India’s Medical Device Startups Secure $100 Million in Funding
India’s medical device startups have been attracting substantial investments, reflecting the sector’s dynamic growth and innovation. While specific instances of startups collectively securing $100 million in funding are not detailed in the available sources, several notable funding events highlight the industry’s momentum:
Significant Funding Events:
- Meril Life Sciences:
- In February 2022, Meril Life Sciences, a prominent Indian medical device company, raised $210 million from Warburg Pincus. This investment aims to enhance Meril’s product offerings and expand its global footprint.
- In February 2022, Meril Life Sciences, a prominent Indian medical device company, raised $210 million from Warburg Pincus. This investment aims to enhance Meril’s product offerings and expand its global footprint.
- Ultrahuman:
- In May 2023, health monitoring device maker Ultrahuman secured $35 million in a funding round led by Steadview Capital and Nexus Venture Partners. The company plans to utilize the funds to dominate the smart rings market and achieve a $100 million annual revenue run rate by the end of 2024.
- In May 2023, health monitoring device maker Ultrahuman secured $35 million in a funding round led by Steadview Capital and Nexus Venture Partners. The company plans to utilize the funds to dominate the smart rings market and achieve a $100 million annual revenue run rate by the end of 2024.
- Innvolution:
- In April 2023, Innvolution, a medical device maker specializing in cardiovascular care, received growth capital from OrbiMed to advance R&D, expand its product line, and enter global markets. The company aims to surpass $100 million in revenue by 2025.
Venture Capital Involvement:
Venture capital firms have been instrumental in funding Indian medical device startups:
- Unitus Ventures: As India’s leading impact venture fund, Unitus Ventures invests in startups innovating for the masses across healthcare, education, and fintech sectors.
- Tomorrow Capital: This $100 million early-stage strategic investment fund focuses on helping early-stage businesses with capital and access to blue-chip talent, including those in the medical device sector.
Industry Growth:
The Indian medical device market is projected to grow at a compound annual growth rate (CAGR) of 15.7% between 2021 and 2026, driven by factors such as an aging population, increasing prevalence of chronic diseases, and a focus on healthcare infrastructure development.
These funding activities and the involvement of venture capital underscore the robust growth and innovation within India’s medical device industry, positioning it as a significant player in the global healthcare landscape.
