L&T’s Naik, other HNIs invest in S3V
L&T chairman emeritus A.M. Naik, investors Madhusudan Kela and Utpal Sheth along with other high net worth individuals have invested in medical devices firm S3V Vascular Technologies Ltd to help it set up a facility that will make neurovascular devices to treat strokes.
The Mysore-based company has raised 'a little less than ₹300 crore' in this funding round, sufficient to complete the new manufacturing plant, said founder and chief executive Badari Narayan. The proceeds will help the company focus on sales, marketing, manufacturing and for securing a US Food and Drug Administration (USFDA) approval for its plant to make medical devices.
The pre-revenue target company started in 2013 and was first incubated in the Indian School of Business. It has so far focussed on building its technology, but is now gearing towards scale and growing the business.
The primary focus of S3V is to build devices to combat strokes in India, the company said. S3V is preparing to launch new devices for mechanical thrombectomy devices that can intravenously target and dissolve blood clots, Narayan added.
Current devices cost well over ₹5 lakh, while S3V promises to manufacture and sell devices that cost around ₹75,000, making it affordable to a wider population. Its top clients include Apollo Group of Hospitals.
S3V is now investing in next-generation devices in neurology, cardiology, and spine, Narayan said in a statement.
“Neuro is a core area for us. We are also going to launch very quickly the next-generation devices in the cardiac segment and then one of the core areas where we are working very silently is the drug-device combinations,” he said. The company is also planning to launch a product for spine-related ailments.
Narayan added that nearly 90% of medical devices in India are imported, which presents an opportunity for his company. The Indian medical devices market is likely to reach $50 billion by 2025, Narayan added. After the latest fundraise, the Narayan family will own around 50% stake in the company.