About Medical Devices sector in India
The Medical Devices sector in India comprises 1.09K companies, including 318 funded companies having collectively raised $1.15B in venture capital money and private equity. Out of these, 48 are Series A+ funded.
Medical Devices sector in India has seen 14 acquisitions and 5 IPOs.
This sector includes companies engaged in R&D for developing medical devices for the diagnosis and treatment of various medical conditions.
Companies included in Medical Devices
Medical devices used for treatment, screening, and diagnosis of diseases.Companies excluded in Medical Devices
Healthcare Service Providers, Digital Health Software Solutions (Apps and Web-based solutions), Traditional Medical Devices.Top Medical Devices Companies in India
There are more than 1.09K companies in Medical Devices in India. SMT is the top Medical Devices company in India, ranked using Tracxn Score (what's this?).
Here are 5 of the top Medical Devices companies in India:
Company | Description | Location | Founded | Current Stage | Private Funding Raised |
|---|---|---|---|---|---|
Developer and manufacturer of minimally invasive cardiovascular devices | Surat (India) | 1998 | Late Stage | $93.5M | |
Electronic hearing devices and implants | Mumbai (India) | 1981 | Public | - | |
Manufacturer of portable digital eye imaging devices and cloud-based healthcare platforms | Bengaluru (India) | 2010 | Series B | $18.1M | |
Provider of diabetes care and reversal programs | Bengaluru (India) | 2021 | Series A | $26M | |
Developer of AI-powered portable digital solutions for ophthalmic screening and diagnosis | Bengaluru (India) | 2009 | Series B | $25M |
Companies founded year-on-year in the Medical Devices sector in India
87 Medical Devices startups in India were founded in 2020 - this is the most number of startups founded in any year in the last 10 years.
- Total Number of Companies
Year | No. of companies |
|---|---|
2026 | - |
2025 | 5 |
2024 | 18 |
2023 | 21 |
2022 | 43 |
2021 | 63 |
2020 | 87 |
2019 | 78 |
2018 | 68 |
2017 | 68 |
Stage-wise distribution of Medical Devices sector companies in India
Out of the total 1,087 Medical Devices companies in India, 318 have secured funding. Among them, 48 have reached Series A or higher, and 32 to Series B or beyond.
Founded - 1,087
Funded - 318
Series A+ - 48
Series B+ - 32
Series C+ - 23
Company Stage | No. of companies |
|---|---|
Founded | 1,087 |
Funded | 318 |
Series A+ | 48 |
Series B+ | 32 |
Series C+ | 23 |
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Funding Trends in the Medical Devices sector in India
Total funding year-on-year in the Medical Devices sector in India
The Medical Devices sector in India saw a total funding of more than $1.01B in the last 10 years. The most amount of funding was in 2020 at more than $562M.
- Total Funding
Year | Total Funding |
|---|---|
2025 | $20.1M |
2024 | $87.3M |
2023 | $91.8M |
2022 | $40.6M |
2021 | $45.3M |
2020 | $562M |
2019 | $13.1M |
2018 | $57.9M |
2017 | $52.5M |
Recent Funding Rounds in Medical Devices in India
In the year 2025, till November 2025, Medical Devices companies in India have raised $20.1M in equity funding across 23 rounds.
In the same period last year (i.e. till November 2024), Medical Devices companies in India had raised $86.4M across 46 rounds.
So, 2025 has seen a 76.76% drop in funding in Medical Devices companies in India as compared to 2024.
Here are some recent, important funding rounds in Medical Devices companies in India:
Company | Round Raised | Amount Raised | Funding Date | Investors |
|---|---|---|---|---|
Seed | 6108 | Nov 20, 2025 | ||
Seed | 6960 | Nov 12, 2025 | ||
Series B | 6521 | Nov 03, 2025 | ||
Seed | 6793 | Oct 24, 2025 | and 2 more | |
Seed | 2132 | Oct 06, 2025 |
Top Investors in Medical Devices in India
BIRAC is the top investor in Medical Devices companies in India based on number of companies invested.
Here are some top investors in Medical Devices companies in India:
Investor | Location | Top Portfolio Companies |
|---|---|---|
Delhi (India) | ||
New York City (United States) | ||
Bengaluru (India) | ||
London (United Kingdom) | ||
Mumbai (India) |
M&A activity in Medical Devices sector in India
In the year 2025, till November 2025, 3 acquisitions happened in Medical Devices sector in India.
Here are some recent, important acquisitions in Medical Devices sector in India:
Company | Acquisition Type | Acquisition Date | Acquirers |
|---|---|---|---|
Business Acquisition | Nov 26, 2025 | ||
Business Acquisition | Oct 30, 2025 | ||
Business Acquisition | Feb 08, 2025 | ||
Business Acquisition | Oct 21, 2023 | ||
Business Acquisition | Aug 29, 2023 |
Acquisition trends in Medical Devices sector in India
Here are the acquisition trends in Medical Devices sector in India:
- Total Number of Acquisitions
Year | No. of companies |
|---|---|
2026 | - |
2025 | 3 |
2024 | - |
2023 | 4 |
2022 | 1 |
2021 | - |
2020 | - |
2019 | 1 |
2018 | 1 |
2017 | - |
IPOs in Medical Devices in India
In the year 2025, till April 2025, 1 IPO happened in Medical Devices sector in India.
Here are some recent, important IPOs in Medical Devices sector in India:
Company | IPO Date | Exchange Symbol |
|---|---|---|
Apr 25, 2025 | National Association of Securities Dealers Automated Quotations (NASDAQ) | |
Jan 20, 2022 | Mexican Stock Exchange (BMV) | |
Apr 24, 2017 | Bombay Stock Exchange (BSE) | |
Oct 05, 2011 | Taipei Stock Exchange (TT) | |
Oct 28, 2008 | OTC Markets (OTCMKTS) |
Colleges which produce the most Medical Devices companies in India
Companies founded by alumni from top colleges in the Medical Devices in India
Most number of Medical Devices startups in India have been founded by alumni from IIT Bombay, IIT Madras and BITS Pilani.
College | No. of companies |
|---|---|
IIT Bombay | 18 |
IIT Madras | 18 |
BITS Pilani | 14 |
IIT Delhi | 13 |
IIT Kanpur | 10 |
IIT Kharagpur | 8 |
Carnegie Mellon University | 6 |
Indian School of Business | 6 |
Massachusetts Institute of Technology | 6 |
IIM Ahmedabad | 5 |
Total funding in Medical Devices companies founded by alumni from top colleges in India
In the last 10 years, Indian School of Business graduates' Medical Devices companies in India have raised the most funding among top colleges. Massachusetts Institute of Technology alumni are second, and BITS Pilani alumni are third.
College | Total Funding |
|---|---|
Indian School of Business | $44.5M |
Massachusetts Institute of Technology | $34.4M |
BITS Pilani | $33.4M |
IIT Delhi | $32M |
IIT Madras | $30.4M |
University of Pennsylvania | $26.3M |
Wharton School | $26.3M |
Harvard Business School | $26M |
IIT Kharagpur | $25.7M |
Indian Institute of Science | $18.3M |
Top News in Medical Devices in India
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Beyond Next Ventures–Backed Biomoneta Gets US FDA OK for Air-Decontamination DeviceMedia Bulletins•Dec 02, 2025•Biomoneta
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Remidio invests in UK’s Occuity to enhance myopia screeningBioSpectrum India•Mar 25, 2025•Remidio, Occuity
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Remidio invests in Occuity to advance non-invasive disease screening in IndiaExpress Healthcare•Mar 25, 2025•Remidio, Occuity
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