Innovcare Lifesciences, a healthtech company, based out of Mumbai, has bagged about $6.4 million (approx ₹45 crore) from JM Financial Private Equity Fund II.
The platform will use the infused capital to boost its expansion plans, by supporting the augmentation of Innovcare’s current product portfolio and its further expansion into new areas.
Innovcare was founded by Lalit Wadhawan, Dipin Varma, Chandan Rajmane, and Vijay Dubey in 2014. The platform is a nutraceutical company focused on developing solutions for orthopedic, gynecology and pain management therapeutic areas.
The platform claims to have 15 brands, and over 40 SKUs of Innovcare products being sold across India.
Whereas, 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.
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.”
Furthermore, according to the State of Startup Ecosystem Report 2018, there are a total of 4,892 startups in the Indian healthtech space. Last year, the report saw an overall increase of 45.06 per cent in the total investments in healthtech startups.
Some of the significant startups in the healthtech space include Practo, mfine, 1MG, Netmeds, Pharmeasy, among more.