Electropreneur Park announces successful exit of its startup - UnivLabs Technologies

New Delhi: In a major boost to the Indian Electronics System Design and Manufacturing (ESDM) market, Electropreneur Park (EP) announced the exit of Univlabs Technologies, a leading Indian health-tech startup. So far the startup has applied for 11 patents while having two to its name.

An initiative of the Ministry of Electronics and IT, Electropreneur Park has been set up primarily to carry out incubation and build an ecosystem to help budding ESDM entrepreneurs. EP is managed by Software Technology Parks of India, and implemented by India Electronics and Semiconductor Association.

Since its inception, Electropreneur Park has incubated 59 companies which have developed 125 products, and applied for 66 patents, along with generating employment opportunities for 885 professionals. The startups of EP have received Rs 21.79 crore of follow-on funding.

UnivLabs Technologies began its growth journey with Electropreneur Park with a mission to revolutionise healthcare by providing affordable and cutting-edge medical devices that improve patient outcomes. Emphasizing the immense potential within the Indian ESDM sector, the growth journey for Univlabs Technologies, fostered by Electropreneur Park is a significant contribution to the Indian government’s “Make in India” vision.

The startup received a valuation of Rs 20 crore and initiated an investor buyback from stakeholders of EP incubator worth Rs 94.64 lakhs, marking a 36X growth for EP’s investment thereby marking a milestone in EP’s history. With this, Univlabs’ successful exit leaves an impressive footprint of Electropreneur Park’s role in fostering innovation and entrepreneurship over the past seven years of its operations. The exit was formally announced with a cheque handover ceremony during the inauguration of the Apiary CoE incubation facility.

The launch of the Apiary CoE incubation facility has marked the beginning of yet another chapter of supporting budding entrepreneurs and startups by STPI. The launch event was graced by the presence of S Krishnan, IAS, Secretary, Ministry of Electronics and IT, and other dignitaries from the IT industry.