Mysore-based S3V Vascular Technologies Ltd, a medical devices manufacturing company focused on neurovascular devices to treat strokes, has raised a series B round of funding from investors including former L&T chairman AM Naik and veteran investor Madhusudan Kela, the company’s founder told Moneycontrol in an interaction.
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The company will use the funds to build a Rs300-crore integrated manufacturing facility for neurovascular devices at Mysore.
Badari Narayan, Promoter, Director and CEO – S3V Vascular Technologies, 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.
However, he added 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.
Narayan said that in comparison to mechanical thrombectomy, S3V’s devices cost just around Rs 75,000, making the treatment more affordable.
Narayan said that the new manufacturing facility will be ready in 12 months and with the addition of the new facility 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,” said Narayan.
The company plans to apply for US FDA (food and drug administration) and European approvals and plans to export its devices to various Asian, Middle East and East European markets.
Narayan said that 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 that the Indian market offers immense potential for advanced medical products as currently, around 90 percent of medical devices are imported, presenting an opportunity for growth in the sector.
“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.
