The round also saw participation from institutions such as IIT Kanpur, SIDBI (Small Industries Development Bank of India), TDB (Technology Development Board), and Sunil Munjal, the Chairman of Hero Enterprises.
Developing critical care medical equipment
Founded by IIT Kanpur graduates Nikhil Kurele, Tushar Agarwal, and Harshit Rathore, Noccarc specializes in developing and manufacturing high-value critical care medical equipment, including ICU Ventilators, Patient Monitors, and more.
Additionally, the startup offers a digital platform empowering doctors to access device data remotely and digitize records, and plans to integrate AI-based services in the future. It claims to have a strong R&D unit and has plans to develop a diverse range of products, starting with critical care.
Noccarc said it currently holds seven patents and has filed for 19 additional patents. The startup has also recently obtained a license from CDSCO (Central Drug Standard Control Organization) which allows it to manufacturing and sell these regulated products in India.
Expanding producing portfolio
The $2 million investment will help the startup accelerate its growth and expand its product portfolio, as per the company's statement.
The funding round is expected to fuel research and development initiatives, facilitate market penetration, strengthen customer support, and set up a robust sales and distribution network across major cities, it said.
Noccarc has announced that it is supplying over 3,600 ventilators across India and collaborating with a diverse array of hospitals. The startup is now expanding its product portfolio with the vision of going global. It aims to leverage technology and capitalize on the China+1 strategy, along with government incentives for domestic manufacturers.
The current landscape of the medical devices market
According to CTO Harshit Rathore, The Indian medical devices market is worth approx. $12 billion and is expected to grow to $50 billion by 2030. Currently, 80% of the medical devices in India are imported, he said.
"A key barrier for Indian Medical Devices companies in achieving domestic and global success has been the absence of IP-based products, lack of R&D, non-adherence to global quality standards, and performance metrics necessary for international approvals like the FDA and EU MDR. 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," he added.
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