Arcatron Mobility, which manufactures next generation devices to make assisted living more dignified and safe, has raised an undisclosed funding led by Sudhir Mehta, Harish Mehta and Ketan Dalal from the Indian Angel Network.
Startup will use freshly infused funds for the production launch of Frido, a self driven shower and commode wheelchair which fits in a suitcase. In addition, funds will also be utilized to set up online and offline sales channels across major cities in India and filing of IP for future products like the Frido Lite.
Commenting on the development, Indian Angel Network Lead Sudhir Mehta said, “Arcatron Mobility is doing a tremendous job in simplifying and improving lives of elderly and locomotor impaired individuals enabling them to lead more independent and active lifestyles. We are hopeful that with their motto of ‘Purpose Driven Innovation’ Arcatron, will continue to apply engineering and technology for making products aimed at making assisted living more dignified and safe. At IAN, we are happy to make this design lead manufacturing investment”
Notably, Sudhir Mehta is also the Managing Director of Pinnacle Industries, India’s largest commercial vehicle and Interiors Company. According to Sudhir, they have entered into a manufacturing partnership with Pinnacle Industries on favorable terms. This allows Arcatron to have access to a high-tech manufacturing facility with near zero fixed cost. This will also help them to stay asset light and focus on our core offerings i.e. R&D, marketing and sales.
Founded in 2015 by four NIT Calicut alumni, Ganesh Sonawane, Laxmikant Banjarey, Kunal Kamble and Dewaj Baruah, Arcatron is building the next generation of devices to enhance lives of people with limited mobility and elderly care needs.
“We are working on developing various products like the Frido Lite which has the potential to replace most of the transport wheelchairs used by elderly individuals, tourism companies, hospitals, etc. Presently, no product available in India allows people with limited mobility to safely access bathrooms at their homes and on the go, Frido will help solve this problem,” said said Ganesh Sonawane, Co-founder and CEO, Arcatron Mobility.
Indian Angel Network is one of the largest business angel network with close to 500 members across the world. Established in 2006 to foster entrepreneurship with prime focus on nurturing and mentoring new generation entrepreneurs, IAN brought the concept of angel investment to India and has been instrumental in bringing India’s startup ecosystem on the global map. The network is sector agnostic and has funded startups across 17 sectors in India and 6 other countries growing global footprint companies. In the calendar years’ 14,15 ,16 IAN has invested about over $32 million in approx. 60 deals.
Not only this, 15 companies have already given cash exits and another 12 have raised next round monies with excellent increase in valuations. Some of its marquee investee companies include, WebEngage, Druva, Stayzilla, Box8 to name few.
If we look at the figures, market potential for shower and commode wheelchairs in India is around 440 Cr. More than 90% of it is untapped because of lack of availability of the right products. The global wheelchair companies with strong Indian presence have failed to deliver products compatible to Indian infrastructure in shower chair category. Whereas Chinese products dominate the Indian market but are perceived too unsafe and risky by hospitals and most end users. These figures indicate that Indian entrepreneurs have great opportunity to tap this untapped market and offer Indian masses with the solution while making making.