Noccarc raises $2 Million from IAN & Others
New Delhi, 13th February 2024: Noccarc, an innovative medical devices startup, has successfully raised $2 million in a recent funding round led by Indian Angel Network (IAN). The round also witnessed participation from prestigious institutions such as IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board). Furthermore, the funding round welcomed Mr. Sunil Munjal, the Chairman of Hero Enterprises, as a notable investor.
Noccarc specializes in developing and manufacturing high value critical care medical equipment, including ICU Ventilators, Patient Monitors, and more. Additionally, the company offers a digital platform empowering doctors to access device data remotely, digitize records, and plans to integrate AI-based services in the future. The company has a strong R&D unit and has ambitious plans to develop a diverse range of products, starting with critical care. Noccarc currently holds seven patents, with 19 additional patents filed for its innovative technologies. The company has also recently obtained a license from CDSCO (Central Drug Standard Control Organization) which authorizes them to manufacturing and sell these regulated products in India.
The $2 million investment will be instrumental in accelerating Noccarc‘s growth and expanding its product portfolio. The funding round is expected to fuel research and development initiatives, facilitate market penetration, strengthen customer support, and setup a robust sales and distribution network across major cities.
With a track record of supplying over 3,600 ventilators across India and collaborating with a diverse array of hospitals, Noccarc is now expanding its product portfolio with a vision of going global, leveraging technology, capitalizing on the China+1 tailwinds and government incentives for domestic manufacturers.
Harshit Rathore, Co-Founder & CTO, said, “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. 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.”
Padmaja Ruparel, Co-Founder of Indian Angel Network, 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.”
The involvement of prestigious institutions such as IIT Kanpur, SIDBI, and TDB underscores the industry’s recognition of Noccarc‘s commitment to driving advancements in healthcare technology. The collaboration with Mr. Sunil Munjal further solidifies Noccarc‘s standing and opens avenues for strategic partnerships.
Founders Nikhil, Harshit and Tushar, graduates of IIT Kanpur, harbored a grand vision: the creation of a global MedTech brand and India’s answer to Siemens. What began as a mission to provide indigenous ICU ventilators during the first wave of the pandemic has evolved into a trajectory toward global leadership in the medical devices industry.
About IAN Group:
IAN Group is the country’s single largest platform for seed and early-stage investment platform with IAN Angel Group, BioAngels and IAN Fund I, the first in the series of VC Fund enabling entrepreneurs to raise from Rs. 50 lakhs to Rs. 50 crores from quality investors who provide funds, mentoring and global market access. The platform brings money, mentoring from successful entrepreneurs and dynamic CEOs. The platform is sector-agnostic and has funded innovative start-ups across 19 sectors in India and 7 other countries, thereby growing the global footprint of companies. IAN has been listed by Forbes as one of iconic business and economic events of Independent India, over 75 years along with LIC, NASSCOM, RBI, Naukri.com amongst others.