New Delhi, October 21, 2023 – Univlabs Technologies, a leading Indian health-tech startup, has marked a significant milestone by successfully exiting the Electropreneur Park (EP), a renowned incubation initiative in India’s Electronics System Design and Manufacturing (ESDM) sector. This momentous achievement not only highlights Univlabs’ impressive growth but also serves as a beacon of hope for the future of electronic innovation in India.
Univlabs Technologies, on its remarkable journey, has expanded its footprint across six countries, delivering innovative solutions to over 2000 hospitals in India and abroad. In a testament to its commitment to innovation, the startup has applied for a remarkable 11 patents, with two already granted.
Electropreneur Park, an initiative of the Ministry of Electronics and IT, has been a critical player in nurturing ESDM entrepreneurs and building a thriving ecosystem for electronic innovation. Managed by Software Technology Parks of India and implemented by the India Electronics and Semiconductor Association (IESA), it has incubated 59 companies that collectively developed 125 products and applied for 66 patents, thus making a significant contribution to the growth of the ESDM sector.
UnivLabs Technologies initially embarked on its mission to revolutionize healthcare by providing affordable and cutting-edge medical devices that enhance patient outcomes. Its successful exit from Electropreneur Park, with a valuation of ₹20 crore and an investor buyback worth ₹94.64 lakhs from EP stakeholders, signifies a remarkable 36X growth on EP’s investment, underscoring its historical significance.
The exit was formally commemorated during the inauguration of the Apiary CoE incubation facility, which signifies the beginning of a new chapter in supporting emerging entrepreneurs and startups. Distinguished dignitaries, including Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT, and leaders from the IT industry, graced the launch event.
Shri S. Krishnan, IAS, Secretary, Ministry of Electronics and IT, commended UnivLabs’ journey and emphasized its potential to inspire others.
Shri Arvind Kumar, Director General, STPI, highlighted Electropreneur Park’s pivotal role in fostering innovation and entrepreneurship, aligning with India’s commitment to becoming a global leader in electronics manufacturing and exports.
The event was also attended by Shri. Sanjay Gupta, Chairman, IESA, Shri. Pradeep Gupta, CMD, CyberMedia Group, and Chief Mentor of EP, and Sunil Singh, Founder & CEO of Univlabs Technologies. This remarkable exit underscores Electropreneur Park’s significant contribution to India’s ESDM sector and its ongoing efforts to support the growth of innovative startups in the country.
Submitted by PR Agency
