20, Oct 2023
India Electronic and Semiconductor Association Commends Electropreneur Park for Fuelling ‘Make in India’ Drive”

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 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 to primarily carry out incubation and build an ecosystem to help budding ESDM entrepreneurs. EP is managed by Software Technology Parks of India; implemented by India Electronics and Semiconductor Association (IESA); and supported by CyberMedia (India) Ltd (CMIL).

Since its inception, Electropreneur Park has incubated 59 companies, developed 125 products, and applied for 66 patents, along with generating employment opportunities to 885 professionals. EP companies have received 21.79 crores of follow-on funding.

UnivLabs 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.

The startup received a valuation of ₹20 crore and initiated an investor buyback of ₹94.64 lakhs, marking a 36X growth for EP’s investment thereby marking a milestone in EP’s history. With this, Univlabs’ successful departure leaves an impressive footprint of Electropreneur Park’s role in fostering innovation and entrepreneurship.

The exit was formally announced with a cheque handover ceremony during the inauguration of the Apiary CoE incubation facility which is the second CoE of STPI in the NCR region after Electropreneur Park. The Idea Challenge Program of Apiary CoE was also launched during the event which was presided over by 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.

“In the last few years since it was set up, Electropreneur Park has incubated around 59 companies. 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 development is a promising development. Looking forward to witnessing more such startups leading the way of nurturing India’s ESDM market.”

Reflecting upon how an initiative like Electropreneur Park has given a push to India’s Make in India strategy, Sanjay Gupta, Chairman, of IESA, said it was the first incubator of its kind, set up to create a state-of-the-art electronics lab in the country. He said,

“India is home to considerable talent for electronic design. The growth Univlabs has shown under the incubation of Electropreneur Park is a commendable endeavour.

Univlabs have not only charted their growth journey in the country but have also successfully provided solutions to hospitals overseas. It is indeed a major milestone for the ESDM sector.”

On the successful first exit of UnivLabs, Pradeep Gupta, Chairman and managing Director, of CyberMedia Group, chief mentor EP, said,

“Electronics manufacturing in India is the new sunrise industry and we need to ensure that we continue our efforts to make the Make in India campaign a success through the promotion of indigenous innovation and entrepreneurship in the ESDM sector.”

Delving into Univlabs’ journey with Electropreneur Park, Sunil Singh, Founder & CEO, of Univlabs, remarked,

“We are a passionate enterprise committed to making healthcare more accessible and affordable for everyone. In this process, we need access to world-class facilities to develop cutting-edge medical equipment that is available to everyone. Electropreneur

Park gave us the perfect platform and support for our efforts in fostering innovation and entrepreneurship. Our vision is to become a world No. 1 company in the field of EndoVision in the next 10 years.”

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, fostered by Electropreneur Park is a significant contribution to the Indian government’s “Make in India” vision.

By fostering indigenous innovation and entrepreneurship, they pave the way for a brighter, more self-reliant, and technologically advanced future for the nation.