New Delhi – October 21 st , 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 to primarily to 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 which have developed 125 products, and applied for 66 patents, along with generating employment opportunities to 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.
The startup received a valuation of ₹20 crore and initiated an investor buyback from stake holders of EP incubator worth Rs ₹94.64 lakhs, marking a 36X growth for EP’s investment thereby 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 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 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.”
Reflecting upon how an initiative like Electropreneur Park has given a push to India’s Make in India strategy, Shri. Sanjay Gupta, Chairman, IESA emphasized the role played by IESA in nurturing the ESDM startups and wished EP was the first incubator of its kind to set up and create a state-of-the-art electronics lab and other support infrastructure in the country.
On the successful first exit of UnivLabs, Shri. Pradeep Gupta, CMD, CyberMedia Group and Chief mentor of 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, Univlabs Technologies said “We are a passionate enterprise committed to making healthcare more accessible and affordable for everyone. Electropreneur Park gave us the perfect platform in the form of world class infrastructure facilities equipped with cutting edge ESDM Labs and other support which helped channeling 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 Technologies, fostered by Electropreneur Park is a significant contribution to the Indian government’s ‘Make in India’ vision.