A. M. Naik, Madhusudan Kela invest in med-tech firm S3V
L&T Group chairman emeritus A. M. Naik, investor Madhusudan Kela and other high net worth individuals have invested in Mysore-based medical devices firm S3V Vascular Technologies Ltd, to fund a US-FDA approved manufacturing plant which will make next-generation neurovascular medical devices, said founder and chief executive Badari Narayan, S3V Vascular Technologies.
The company has raised ‘a little less than ₹300 crore’ in this round, sufficient to complete the project, Narayan said. The proceeds will help the company focus on sales, marketing, manufacturing and securing a US-FDA approval for its manufacturing plant.
The pre-revenue target company started in 2013 and was first incubated in the Indian School of Business. It has so far focussed on building its technology, but will now focus on generating sales, Narayan said.
The primary focus of S3V is to build devices to combat the rise of strokes in India, the company said.
S3V is preparing to launch mechanical thrombectomy devices that can intravenously target and dissolve blood clots, Narayan added. Current devices cost well over ₹5 lakh while S3V promises to manufacture and sell devices that are around ₹75,000, making it affordable to a wider population.
Post the fundraise, the Narayan family will own around 50% stake in the company. Previous investors in S3V include Jito Angels and Laurus Labs founder Satya Chava.
“S3V is investing in NextGen devices in neuro, cardiac, and spine, creating significant value for customers and contributing to the future of healthcare. Our innovations align seamlessly with Prime Minister Narendra Modi’s Ayushman Bharat (health insurance) programme, affordable healthcare and medico-engineering excellence,” Narayan said in a statement.
Narayan added that nearly 90% of medical devices in India are imported which presents an opportunity for the market. The Indian medical devices market to reach $50 billion by 2025, Narayan said in the statement.
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Published: 14 Mar 2024, 05:32 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.