25, Oct 2023
MEITY’s Electropreneur Park announces the first successful financial exit for its incubated and leading health-tech startup – UnivLabs Technologies Pvt Ltd.
New Delhi, Oct 25, 2023: In a major boost to the Indian Electronics System Design and Manufacturing (ESDM) market, Electropreneur Park (EP) announced the exit of Univlabs, a leading Indian health-tech startup. With its remarkable growth journey, Univlabs Technologies has established its presence in 6 countries, offering innovative solutions to 2000+ hospitals in India and overseas. So far, the startup has applied for 11 patents while having 2 to its name.
An initiative of the Ministry of Electronics and IT, Electropreneur Park, has been set up primarily to carry out incubation and build an ecosystem to help budding ESDM entrepreneurs. EP is managed by Software Technology Parks of India and implemented by the India Electronics and Semiconductor Association (IESA). Since its inception, Electropreneur Park has incubated 59 companies, which have developed 125 products, applied for 66 patents, and generated employment opportunities for 885 professionals. The startups of EP have received Rs 21.79 crore of follow-on funding.
UnivLabs Technologies began its growth journey with Electropreneur Park with a mission to revolutionize healthcare by providing affordable and cutting-edge medical devices that improve patient outcomes. This unprecedented success for Univlabs is a beacon of hope for the future of electronic innovation in India. Emphasizing the immense potential within the Indian ESDM sector, the growth journey for Univlabs Technologies, fostered by Electropreneur Park, significantly contributes to the Indian government’s “Make in India” vision.
The startup received a valuation of ₹20 crore and initiated an investor buyback from stakeholders of EP incubator worth Rs ₹94.64 lakhs, marking a 36X growth for EP’s investment, marking a milestone in EP’s history. With this, Univlabs’ successful exit leaves an impressive footprint of Electropreneur Park’s role in fostering innovation and entrepreneurship over the past seven years of its operations. The exit was formally announced with a cheque handover ceremony during the inauguration of the Apiary CoE incubation facility. The launch of the Apiary CoE incubation facility has marked the beginning of yet another chapter of supporting budding entrepreneurs and startups by STPI. The launch event was graced by the presence of Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT, and other dignitaries from the IT industry.
“It’s quite inspiring to meet and learn the journey of Sunil Singh, founder of Univlabs Technologies. The level of confidence, vision and ability to persevere over the last eight years have been crucial for his success. He should stand as an example of somebody who everyone can imitate,” said Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT.
On the successful and profitable exit of UnivLabs, Shri Arvind Kumar, Director General, STPI expressed how Electropreneur Park has been successful in fostering innovation and entrepreneurship and said, “In the last few years since it was set up, Electropreneur Park has incubated ESDM startups aligning with India’s commitment and vision to reach US$ 300 billion worth of electronics manufacturing and exports of US$ 120 billion by 2025-26, this progress is a promising development. Looking forward to witnessing more such startups leading the way of nurturing India’s ESDM market.”
Shri. Sanjay Gupta, Chairman, IESA, Shri. Pradeep Gupta, CMD, CyberMedia Group and Chief Mentor of EP, and Sunil Singh, Founder & CEO, Univlabs Technologies, were also present at the occasion.