INDIA – Bengaluru-headquartered Innvolution Group has secured fresh funds from OrbiMed for full-scale product development of new cardiac care treatments in India.
The Indian-based group runs two companies: Innvolution Healthcare Private Limited (IHPL), and Imaging Technologies Private Limited (IITPL).
IHPL, co-founded by Ashvini Suthar, Atul Sharma, Sachin Garg, and Gaurav Agarwal, manufactures and distributes cardiac care consumables while IITPL, co-founded by Vijay Alreja, Vikram Mordani, Naresh Alreja, and the IHPL founders, manufactures Cath Labs.
Innvolution Group focuses on interventional cardiology with a comprehensive portfolio of imaging and consumable products and has become one of the largest indigenous suppliers of Cath Labs.
Its combined product portfolio includes drug-eluting stents, balloon catheters, and the award-winning and fastest-growing Cath Lab Pinnacle & Premier.
Commenting on the latest investment, Gaurav Agarwal, Chief Executive Officer of Innvolution, said: “We are thrilled to have the support of OrbiMed, a well-respected global investment firm with deep expertise in the healthcare industry.”
Backed by OrbiMed, Innvolution Group will use the fresh funds to advance research and development (R&D) activities, develop new products, and expand its operations outside domestic markets.
It has already identified opportunities in key international markets, including South-East Asia, Europe, and Africa.
“This investment will allow us to accelerate our growth and continue to develop innovative products and solutions that improve clinical outcomes,” stated Gaurav Agarwal.
The group will also use part of the growth capital to complete the merger of its two companies into a single entity, which is expected to operate under the brand name, Innvolution.
Innvolution’s combined product portfolio includes drug-eluting stents, balloon catheters, and the award-winning and fastest-growing Cath Lab Pinnacle & Premier.
Additionally, it plans to use the newly generated funds to accelerate the process of setting up two new facilities in Bengaluru and Vizag for Cath Lab manufacturing.
Innvolution Group has three manufacturing facilities located in Bengaluru, Vizag, and Jaipur, and it intends to extend its strong foothold across India in its next phase of growth.
This strategic move aligns with Innvolution’s growth strategy to exceed revenues of US$100 million in the coming years as its wide cardiovascular care portfolio aims to be among the top 1% of Indian medical device manufacturers by 2025.
“Our vision is to democratize cardiovascular care in India and embody the principle of creating products locally that can compete globally, as per our motto of Make in India for the world,” underscored Innvolution CEO Agarwal.
For all the latest healthcare industry news from Africa and the World, subscribe to our NEWSLETTER, and YouTube Channel, follow us on Twitter and LinkedIn, and like us on Facebook.
