Leading Indian health-tech firm Univlabs announced its withdrawal from Electropreneur Park (EP), a significant boost to the Electronics System Design and Manufacturing (ESDM) business in India.
Univlabs Technologies has had extraordinary success, establishing a foothold in six countries and providing cutting-edge solutions to more than 2000 hospitals in India and other countries. The startup has applied for and been granted two patents thus far.
Electropreneur Park, a Ministry of Electronics and IT initiative, was established primarily to support aspiring ESDM entrepreneurs by incubating new businesses and creating an ecosystem. EP is overseen by Software Technology Parks of India, with assistance from CyberMedia (India) Ltd (CMIL), India Electronics and Semiconductor Association (IESA), and others.
Since its founding, Electropreneur Park has supported 59 businesses that have created 125 items, submitted 66 patent applications, and hired 885 experts. Follow-up funding totaling Rs 21.79 crore has been given to EP companies.
The goal of UnivLabs Technologies’ growth path with Electropreneur Park was to transform healthcare through the provision of innovative and reasonably priced medical devices that enhance patient outcomes.
With a valuation of ₹20 crore, the business started an investor repurchase from EP incubator share holders for ₹94.64 lakhs, which represents a 36X growth for EP’s investment and a significant milestone in EP’s history. As a result, Electropreneur Park’s contribution to innovation and entrepreneurship during the previous seven years of operation is amply demonstrated by Univlabs’ triumphant exit.
With a ceremonial check-handover ceremony held during the opening of the Apiary CoE incubation facility, the departure was made known. With the opening of the Apiary CoE incubation center, STPI has begun a new chapter in its support of aspiring business owners and startups. Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT, along with other notable figures from the IT sector, graced the inaugural event.
“Getting to know Sunil Singh, the creator of Univlabs Technologies, and hearing about his story is really motivating. What has been essential to his success over the last eight years has been his vision, perseverance, and degree of confidence. Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT, stated that he ought to serve as a model for everyone to follow.
“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,” said Shri Arvind Kumar, Director General, STPI, in reference to the successful and profitable exit of UnivLabs. Anticipating more of these firms to set the example for developing India’s ESDM market.
