Flipkart Founders Bets On Med-Tech Startup Wrig Nanosystem; Invests $2.3 Mn

New Delhi-based medical technology startup, Wrig Nanosystems has raised $2.3 Mn (about INR15 Cr.) from Flipkart Cofounders Sachin and Binny Bansal; Ranbaxy & Fortis promoters Malvinder and Shivinder Singh, investment firm Round-Glass Partners’ Gurpreet Singh and others. Besides, Avendus Wealth Management was the advisor on the round.

The startup plans to utilize the funds raised to commercialise and develop the product further.

Ambar Srivastava, an IIT-Delhi graduate started Wrig Nanosystems Pvt Ltd in 2009. The company produces and commercializes a mobile phone-sized TrueHb Hemometers, a device to measure haemoglobin in few minutes. The Hemometer is compact, ultra-convenient and a portable device with 99 percent accuracy and is rechargeable and has high precision at a low price.

According to Ambar Srivastava, “We specialise in minituarising medical devices, like Swiss watchmakers who minituarised big wall clocks to pocket and wrist size. So, the access and time taken to use the devices gets democratised.”

The device costs between INR3,000 – INR12,000 and has been sold to the governments of Madhya Pradesh, Uttar Pradesh, Uttarakhand and Himachal Pradesh, who use it for their public health initiatives. The device has also been bought by healthcare chains like Max and Fortis. The company claims to have sold over 4,000 devices since its launch.

The startup plans to develop more devices for tests which are most frequently done in pathlabs. The medical diagnostics market in India is projected to reach $6 Bn market by 2018.

Recently, there have been a few startups who are providing medical diagnostic instruments to speciality hospitals / clinics and genomic research institutions in India. DiabetOmics that engages in the non-invasive assessment and management of personalized health and diabetes risk, progression, and complications had raised $4 Mn some time back. Besides, high-end diagnostics services company MedGenome Labs had raised $20 Mn just a week back.

Welcome to Flash Feed, your essential source for breaking news and innovation from around the web – bite-sized and updated all day.