Noccarc’s funding round also saw participation from Hero Enterprises chairman Sunil Munjal, IIT Kanpur, SIDBI, and Technology Development Board
The medtech startup will use the fresh capital to fuel research and development, increase market penetration, and set up sales and distribution network
Noccarc manufactures smart critical care medical equipment, like ICU ventilators and patient monitors, and also provides a digital platform to doctors
Medtech startup Noccarc raised $2 Mn (about INR 16.6 Cr) in a funding round led by the Indian Angel Network (IAN).
The funding round also saw participation from Hero Enterprises chairman Sunil Munjal, IIT Kanpur, Small Industries Development Bank of India (SIDBI), and Technology Development Board (TDB).
The funding will help Noccarc accelerate its growth by expanding its product portfolio, a statement said. The capital will be used to fuel research and development, increase market penetration, strengthen customer support, and set up sales and distribution networks across major cities.
Founded in 2017 by Nikhil Kurele, Harshit Rathore, and Tushar Agarwal, Noccarc manufactures smart critical care medical equipment like ICU ventilators and patient monitors. Besides, it also offers a digital platform for doctors to remotely access patients’ data.
The startup claims to have provided over 3,600 ventilators so far across hospitals.
Commenting on the fundraise, cofounder and CTO Rathore said, “From day 1, we have been committed to building products that are in line with these global standards, setting the stage for a strong presence in the worldwide market. We strongly believe that delivering high-quality, world-class products at the right price, will unlock a vast market opportunity for us.”
Meanwhile, Indian Angel Network cofounder Padmaja Ruparel said, “Noccarc has demonstrated a remarkable ability to innovate in the healthcare sector. With installations at 650+ hospitals, they are now scaling to not only to expand their client base but also to build a portfolio of smart ICU-focused devices: leveraging the internet, for both patients and health care providers.”
Indian Angel Network is one of the most active early stage investment platforms in India. It has invested in over 190 startups so far. In December last year, it marked the first close of its second venture capital fund at INR 355 Cr.
On the other hand, Noccarc operates in the fast-growing Indian medical devices market, pegged at $12 Bn currently and expected to grow to $50 Bn by 2030. Currently, about 80% of the medical devices in India are imported.
IAN which has backed startups like Clensta, Spinny, Sattuz, Astrome and Dhruva Space, was launched in 2006 by Ruparel, Srivastava, and Raman Roy to help angel investors come together to back early-stage startups. It has funded innovative start-ups across 19 sectors in India and 7 other countries.
It is pertinent to note that the Indian medical devices market is approx $12 Bn and is expected to grow to $50 Bn by 2030. Currently, 80% of the medical devices in India are imported.