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Healthtech Startup Innovcare Lifesciences Raises $6.4 Mn From JM Financial

Healthtech Startup Innovcare Lifesciences Raises $6.4 Mn From JM Financial

Innovcare Lifesciences will use the fund to expand its product portfolio

It is a nutraceutical company, focused on developing orthopedic, gynecology and pain related solutions

Indian healthcare market to be valued at $372 Bn by 2022

Mumbai-based healthtech company Innovcare Lifesciences has raised about $6.4 Mn (INR 450 Mn) from JM Financial Private Equity Fund II. The existing investors in the company also participated in the round.

The company is expected to use the funds to boost its expansion plans, by supporting the augmentation of Innovcare’s current product portfolio and its further expansion into new areas.

Founded by Lalit Wadhawan, Dipin Varma, Chandan Rajmane, and Vijay Dube in Innovcare is a nutraceutical company focused on developing solutions for orthopedic, gynecology and pain management therapeutic areas. Currently, Innovcare claims to have 15 brands, and over 40 SKUs of Innovcare products being sold across India.  Earlier, Innovcare had raised $1.3 Mn (INR 9 Cr) from Kae Capital Fund II and is one of the 128 startups supported by DIPP’s (Department of Industrial Policy and Promotion) fund of funds. 

The term ‘nutraceutical’ comes from combining the words ‘nutrient’ and ‘pharmaceutical’. It is used to describe a product derived from food services and has extra health benefits in addition to basic nutritional value of foods.   

Commenting on the investment, Darius Pandole, Managing Director and CEO of JM Financial, said, “We believe the nutraceuticals sector in India is rapidly evolving to appeal to a larger and broader customer base due to rising consumer awareness and increased focus on health and wellness.”

JM Financial India Fund II is a sector-agnostic growth-capital private equity fund that targets to invest in high-growth, small to mid-market companies, with a focus on financial services, consumer, IT / ITeS, infrastructure services and manufacturing sectors. 

How Well India’s Healthtech Sector Is Doing? 

Healthcare industry in India is said to be one of the fastest-growing sectors backed by India’s rising income, health awareness, and access to insurance. However, the increase in the number of lifestyle and stress-related diseases also contribute to the growth of the industry. The IBEF has estimated the Indian healthcare market to be valued at $372 Bn by 2022.

The Indian government has also contributed to improving access to healthcare growth with policies such as Pradhan Mantri Jan Arogya Yojana (PMJAY), which promises to provide health insurance worth INR 500K  ($ 7.1k) to over 100 Mn families annually.

According to Inc42’s The State of Startup Ecosystem Report 2018, there are a total of 4,892 startups in the Indian healthtech space. Last year saw an overall increase of 45.06% in the total investments in healthtech startups. Overall, the healthtech startups in India raised a total of $504 Mn between 2014-2018.

Some of the notable players in the space include Practo, mfine, Lybrate, and Docsapp, 1MG, Pharmeasy, Netmeds, Portea Medical and more. 

Note: We at Inc42 take our ethics very seriously. More information about it can be found here.

Author

Yatti Soni

Inc42 Staff

She writes about technology, startups, and policy frameworks around them. You can reach her at [email protected]

https://inc42.com/buzz/elon-musk-vs-jack-ma-on-power-of-ai-and-future-of-computers/
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