Medtech startup Noccarc has successfully raised $2 million (approximately INR 16.6 crore) in a funding round led by the Indian Angel Network (IAN). This financing round also saw participation from prominent investors such as Sunil Munjal, chairman of Hero Enterprises, IIT Kanpur, Small Industries Development Bank of India (SIDBI), and the Technology Development Board (TDB).
Key Points:
- Funding Purpose: The infusion of funds will enable Noccarc to accelerate its growth trajectory by expanding its product portfolio. Additionally, the capital will be utilized for research and development activities, enhancing market penetration, strengthening customer support, and establishing robust sales and distribution networks across major cities.
- Product Offerings: Founded in 2017 by Nikhil Kurele, Harshit Rathore, and Tushar Agarwal, Noccarc specializes in manufacturing smart critical care medical equipment, including ICU ventilators and patient monitors. The startup also provides a digital platform that allows doctors to remotely access patients' data, enhancing healthcare delivery efficiency.
- Market Reach: Noccarc has made significant strides in the healthcare sector, having supplied over 3,600 ventilators to hospitals. With installations in more than 650 hospitals, the company is poised to scale its operations and broaden its client base.
- Investor Confidence: Commenting on the funding, Noccarc's co-founder and CTO, Harshit Rathore, emphasized the company's commitment to delivering high-quality, innovative products aligned with global standards. Indian Angel Network co-founder, Padmaja Ruparel, commended Noccarc for its innovation in the healthcare domain and highlighted its strategic focus on expanding its portfolio of smart ICU-focused devices.
- Market Potential: Noccarc operates in the burgeoning Indian medical devices market, which is currently valued at $12 billion and projected to reach $50 billion by 2030. The demand for indigenous medical devices is on the rise, with Noccarc poised to capitalize on this growth opportunity.
Outlook:
The successful funding round underscores investor confidence in Noccarc's innovative healthcare solutions and its potential to address critical healthcare challenges in India. With a clear focus on product innovation and market expansion, Noccarc is well-positioned to consolidate its presence in the rapidly evolving medical devices landscape.
