Former Larsen & Toubro Ltd chairman AM Naik and ace stock market investor Madhusudan Kela have backed Mysore-based medical device maker S3V Vascular Technologies Ltd as part of a Series B funding round.
S3V, which makes neurovascular devices to treat strokes, didn’t disclose the amount raised but said it will use the cash to fund the construction of a Rs 300-crore manufacturing facility at Mysore.
Badari Narayan, promoter, director and CEO of S3V, said that stroke is the fourth leading cause of death in India, affecting nearly 20 lakh individuals annually. “The post-COVID era has witnessed a surge in stroke cases, especially among young adults,” he said.
Narayan said the new manufacturing facility will be ready in 12 months and with its addition, the company will be able to produce around 60,000 to 70,000 devices per month.
“At peak production, we expect that we will be able to generate revenues of approximately Rs 500-600 crore,” he said.
Narayan said that the current treatment for acute ischemic stroke called mechanical thrombectomy, an interventional procedure performed in a cath lab to physically remove clots lodged in the brain's vessels, costs about Rs 5 lakh, thereby making it very expensive for most people in the country.
The company plans to apply for approvals from the US Food and Drug Administration and European regulators, and plans to export its devices to various Asian, Middle East and East European markets.
Narayan said he expects about 45% of the company’s revenue to come from the domestic market with the rest coming from exports.
The company is also working on launching cardiology-related medical devices.
Narayan said the Indian market offers immense potential for advanced medical products as around 90% of medical devices are currently imported.
“With a population of 1.4 billion, India is expected to conduct 5 lakh neuro interventions and 15 lakh cardiovascular procedures annually by 2030,” he added.
