Electropreneur Park Announces UnivLabs' Successful Financial Exit

In a significant milestone for India's Electronics System Design and Manufacturing (ESDM) sector, Electropreneur Park (EP) celebrated the successful departure of UnivLabs, a prominent health-tech startup. UnivLabs made a notable impact, expanding its presence across 6 countries and providing innovative solutions to over 2000 hospitals globally. With 11 patents applied for, and two already granted, the startup's growth trajectory has been exceptional.

Established under the Ministry of Electronics and IT, Electropreneur Park was created to nurture ESDM entrepreneurs, offering incubation and fostering a supportive ecosystem. Managed by Software Technology Parks of India, implemented by the India Electronics and Semiconductor Association (IESA), and supported by CyberMedia (India) Ltd (CMIL), EP has played a pivotal role since its inception. It has incubated 59 companies, developed 125 products, filed 66 patents, and generated employment for 885 professionals, securing substantial follow-on funding of 21.79 crores.

UnivLabs embarked on its transformative journey with Electropreneur Park, aiming to revolutionize healthcare by offering affordable, cutting-edge medical devices that improve patient outcomes. The startup achieved a valuation of ₹20 crores and initiated an investor buyback of ₹94.64 lakhs, signifying an impressive 36X growth for EP’s investment. This successful exit highlighted Electropreneur Park’s pivotal role in fostering innovation and entrepreneurship.

The departure of UnivLabs was formally celebrated during the inauguration of the Apiary CoE incubation facility, the second Center of Excellence (CoE) of Software Technology Parks of India in the NCR region after Electropreneur Park. The event also marked the launch of the Idea Challenge Program at Apiary CoE, presided over by Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT.

Expressing his views on UnivLabs' profitable exit, Shri Arvind Kumar, Director General, STPI, praised Electropreneur Park's success in fostering innovation and entrepreneurship, underscoring its significant impact on India's tech landscape.

“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 promising. 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 endeavor. 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 & 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, 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 nurturing homegrown innovation and entrepreneurial spirit, they are paving the path towards a future that is brighter, more self-sufficient, and technologically advanced for the nation.