In the dynamic landscape of venture capital, strategic exits often signal a fund’s ability to identify and nurture promising startups. Recently, Unicorn India Ventures (UIV) made headlines with its partial exit from “Sascan Meditech”, a Thiruvananthapuram-based innovator in healthcare technology. This move has not only underscored the fund’s successful investment strategy but also highlighted the significance of deep tech in addressing critical healthcare challenges.
Unicorn India Ventures: A Profile
Founded in 2016 by Bhaskar Majumdar and Anil Joshi, Unicorn India Ventures is renowned for its focus on early-stage technology startups. The fund’s investment philosophy is rooted in identifying visionary companies that leverage deep tech to solve real-world problems. UIV launched its first fund with a corpus of Rs 100 crore and has consistently demonstrated impressive returns, boasting an Internal Rate of Return (IRR) exceeding 60% year over year.
Currently, UIV is raising its third fund with a target corpus of Rs 1,000 crore. This ambitious fund aims to expand its portfolio into sectors like climate tech, agritech, and spacetech, reflecting the fund’s commitment to innovation.
Sascan Meditech: Innovating Healthcare
Founded in 2015 by Dr. Subhash Narayanan, Sascan Meditech is dedicated to creating affordable healthcare solutions, particularly in the realm of cancer diagnostics. The company’s flagship products, OralScan and CerviScan, utilize advanced biophotonics technology.
The Products
OralScan is a groundbreaking, non-invasive screening device designed for the early detection of oral cancer. Its innovative use of multi-spectral imaging allows for real-time screening and biopsy guidance, making it particularly suitable for use in rural healthcare settings. Similarly, CerviScan aims to modernize cervical cancer screening, offering a more effective alternative to conventional methods.
Dr. Narayanan’s vision to improve healthcare access for underserved populations aligns perfectly with UIV’s investment thesis, which seeks to foster solutions that benefit the **bottom of the pyramid**.
A Fruitful Partnership
Unicorn India Ventures first invested in Sascan in 2020, contributing Rs 2 crore across two funding rounds. This initial support positioned Sascan to innovate in a sector often neglected due to high costs and lack of accessibility. UIV’s recent partial exit, generating 6X returns, reflects the success of this collaboration.
Insights from the Managing Partner
Anil Joshi, Managing Partner at UIV, emphasizes the fund’s dedication to backing deep tech business models. He remarked, “Our thesis of going beyond the metros to find real innovative solutions has built a strong track record.” This approach has enabled UIV to cultivate partnerships with founders like Dr. Narayanan, who combines technological expertise with a mission-driven approach.
The Road Ahead
Following the partial exit, UIV will maintain a significant stake in Sascan, a decision that speaks volumes about the company’s potential for continued growth. With the involvement of **Time Medical Digital Health and Imaging Ventures** as a new strategic investor, Sascan is poised to accelerate its development and expand its product offerings.
Dr. Narayanan expressed gratitude towards UIV, acknowledging their pivotal role as early investors. He stated, “With Unicorn India Ventures and Time Medical, I am sure we will emerge stronger.” This optimism reflects the promising trajectory of Sascan as it aims to scale its impact in cancer diagnostics.
The Broader Impact of Deep Tech Investments
Investments like UIV’s in Sascan highlight the growing importance of deep tech in the healthcare sector. The use of advanced technologies can lead to significant advancements in diagnostics and treatment, ultimately saving lives.
According to a 2023 report by McKinsey, the global healthcare technology market is expected to reach $500 billion by 2026, driven largely by innovations in diagnostics. This trend presents a significant opportunity for venture capital firms to invest in startups that prioritize accessibility and affordability.
The recent developments surrounding Unicorn India Ventures and Sascan Meditech illustrate the profound impact that strategic investments in deep tech can have on the healthcare landscape. As UIV continues to raise its third fund, the focus on transformative sectors will likely yield further opportunities for groundbreaking innovations.
In an era where healthcare access remains a pressing global challenge, the stories of companies like Sascan and the support from visionary investors such as UIV are not just inspirational—they are crucial to shaping a healthier future for all.
As we look ahead, it is essential for investors, entrepreneurs, and policymakers to prioritize sustainable and accessible healthcare solutions. By investing in innovative technologies, we can ensure that advancements in healthcare are not just confined to affluent urban centers but reach those who need them the most.