Serigen Mediproducts, a medical products company, has raised Rs 5.8 crore funding in a seed funding round from BioAngels (powered by IAN and BIRAC) and Colossa Ventures.
The lead investors from BioAngels powered by IAN include Uday Chatterjee, Sri Prakash, Rishabh Mehta, Umakant Panwar and Anirudh Agarwal. The round also saw participation from other prominent angel investors and experienced entrepreneurs including Aadesh Harale, Anand Deshpande, Sanjay Dalmia, Shantanu Deshpande and Priti Rao.
According to the company, it will utilise the investment for business growth and rapid scaling of its manufacturing and sales verticals. Serigen Mediproducts further intends to use the investment for team expansion and strengthening its intellectual property portfolio.
Speaking on the fundraise, Anuya Nisal, Founder and CEO, Serigen Mediproducts, said, “At Serigen Mediproducts, we envision growing into a global medical products company in the times to come. We are grateful to BioAngels, Colossa Ventures and other key angel investors, who trusted us and partnered with us. With the investment received in this round, we look forward to scaling our business, expanding our team, strengthening our intellectual property portfolio and focusing on product development.”
The Indian medtech industry is projected to grow at a CAGR (compound annual growth rate) of 37 per cent from 2020 to 2025. Moreover, it is expected to touch USD 50 billion within the forecast period. The sector is still in its nascent stages but is expected to grow significantly in the future because of the rising aging population, government’s support, increasing health insurance penetration and growing medical tourism.