(L-R) Atul Sharma, Gaurav Agarwal, Ashvini Suthar & Sachin Garg
New Delhi (India), April 10: Innvolution, a group focused on interventional cardiology with a comprehensive portfolio of imaging and consumable products, announced today that it had raised growth capital from OrbiMed, a global healthcare-focused investment firm. The funds will be used to ramp up the R&D efforts, develop new products, and expand into international markets.
Innvolution Group comprises two companies – Innvolution Healthcare Private Limited (“IHPL”), co-founded by Ashvini Suthar, Atul Sharma, Sachin Garg, and Gaurav Agarwal, manufactures and distributes cardiac care consumables and Innovation Imaging Technologies Private Limited (“IITPL”), co-founded by Vijay Alreja, Vikram Mordani, Naresh Alreja, and the IHPL founders, manufactures Cath Labs. Both companies have announced a merger to form a single entity that will now operate under the brand name, Innvolution.
Innvolution’s combined product portfolio includes drug-eluting stents, balloon catheters, and the award-winning and fastest-growing Cath Lab Pinnacle & Premier. The company has three manufacturing facilities located in Bengaluru, Vizag, and Jaipur and is in the process of setting up two new facilities in Bengaluru and Vizag for Cath Lab manufacturing. Innvolution has established a wide presence across the country and now plans to expand its reach into new markets in South-East Asia, Europe, and Africa. Innvolution, with its broad cardiovascular care portfolio, aims to be among the top 1% of Indian medical device manufacturers by 2025 and targets to exceed revenues of $100 million.
Commenting on this announcement, Gaurav Agarwal, CEO of Innvolution, said, “We are thrilled to have the support of OrbiMed, a well-respected global investment firm with deep expertise in the healthcare industry. This investment will allow us to accelerate our growth and continue to develop innovative products and solutions that improve clinical outcomes. Our vision is to democratize cardiovascular care in India and embody the principle of creating products locally that can compete globally, as per our motto of Make in India for the world.
Dr Sunny Sharma and Ankesh Bhansali of OrbiMed are joining the board of Innvolution. Dr Sunny Sharma, Senior Managing Director, OrbiMed Asia, said, “Innvolution has created a strong and unique platform for cardiovascular care products in the country and has become one of the largest indigenous suppliers of Cath Labs. We are excited to partner with the Innvolution team on its next phase of growth in India and international markets.”
Innvolution, led by Ashvini Suthar, Atul Sharma, Sachin Garg, and Gaurav Agarwal, is focused on interventional cardiology. The company is co-founded by IHPL, Vijay Alreja, Vikram Mordani, and Naresh Alreja. The company has a comprehensive portfolio of imaging and consumable products that includes drug-eluting stents, balloon catheters, and Cath Lab imaging solutions. Nine Rivers Capital Advisors LLP acted as the exclusive financial advisor to Innvolution Healthcare for this transaction.
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