Innvolution secures growth capital from OrbiMed to advance R&D, expand product line and enter global markets

Innvolution, a company specialising in interventional cardiology and offering an extensive range of imaging and consumable products, has recently received substantial growth capital from OrbiMed, an investment firm dedicated to healthcare. Nine Rivers Capital Advisors LLP acted as the exclusive financial advisor to Innvolution Healthcare for this transaction. The newly acquired funds will enable Innvolution to intensify its R&D initiatives, create novel products, and extend its reach to foreign markets.

Innvolution Healthcare Private Limited (IHPL), which produces and supplies cardiac care consumables, and Innovation Imaging Technologies Private Limited (IITPL), a manufacturer of Cath Labs, have come together in a merger to form a singular organisation. The new entity, now operating under the Innvolution brand, was co-founded by Ashvini Suthar, Atul Sharma, Sachin Garg, Gaurav Agarwal, Vijay Alreja, Vikram Mordani, Naresh Alreja, and other IHPL founders. The consolidated company offers a comprehensive portfolio of cardiac care products and manufacturing capabilities for Cath Labs, enabling Innvolution to achieve greater operational efficiency and streamline its services.

Innvolution's combined portfolio of cardiac care products encompasses drug-eluting stents, balloon catheters, and the Cath Lab Pinnacle & Premier, both an award-winning and the fastest-growing product in its class. With three manufacturing facilities located in Bengaluru, Vizag, and Jaipur, Innvolution is currently establishing two new Cath Lab manufacturing facilities in Bengaluru and Vizag. The company has already established a broad presence in India and intends to expand into new markets in South-East Asia, Europe, and Africa. Innvolution's wide-ranging cardiovascular care product offerings aim to position the company among the top 1% of Indian medical device manufacturers by 2025, to surpass $100 million in revenue.

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 democratise 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.”

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