Medical Devices Startup Noccarc Raises USD 2 Mn Led by IAN The Pune-based startup plans to deploy the money to fuel research and development initiatives, facilitate market penetration, strengthen customer support, and set up a robust sales and distribution network across major cities.
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Noccarc, a Pune-based medical devices startup, has raised USD 2 million led by Indian Angel Network (IAN). Additionally, the round saw participation from IIT Kanpur, SIDBI (Small Industries Development Bank of India), and TDB (Technology Development Board).
The funding round also welcomed Sunil Munjal, the Chairman of Hero Enterprises, as a notable investor.
As per the company, the fresh investment will be instrumental in accelerating Noccarc's growth and expanding its product portfolio. The funding round is also 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.
Harshit Rathore, Co-founder and CTO, Noccarc 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."
Founded in 2017 by IIT Kanpur graduates Nikhil, Harshit and Tushar, Noccarc specializes in developing and manufacturing high value critical care medical equipment, including ICU ventilators, patient monitors, and more. It also offers a digital platform empowering doctors to access device data remotely, digitize records, and plans to integrate AI-based services in the future.
The startup claims that it has a strong R&D unit and has plans to develop a diverse range of products, starting with critical care.
Padmaja Ruparel, Co-founder of Indian Angel Network, stated, "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 startup said that 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.
