Inito, engaged in developing the next generation of portable diagnostic devices, sees that raising capital for hardware especially med-tech needs a lot more work than the software or e-commerce start-ups.
 
However, venture capitalists and private equity understand that given India's large population, rapid increase in lifestyle diseases and the government increasing GDP spend on healthcare, massive growth is envisaged with considerable opportunities for start-ups, Aayush Rai, Co-Founder, Inito told Pharmabiz in an email.
 
Globally the PoC in-vitro diagnostic testing market is over a US$ 15 billion market with North America holding the fort. World Health Organization indicates chronic diseases to increase by 57% in 2020 and India will be hit the hardest.
 
Realising the serious implications of this situation, the Bengaluru-based start-up entity was incepted in 2015 after it raised funding of $1 million by IIT Roorkee alumnus: Aayush Rai and IIT Madras: Varun AV.
 
The founders believe that over the next decade, labs will get into the consumers home and monitoring devices will be everywhere like mobile phones and therefore intend to be an integral part of this revolution.
 
Inito is a brand owned by Samplytics Technologies Pvt. Ltd. The company known for its fertility monitor has been growing at 15% every week since launch in December 2017 end. It has filed 4 patents in India and internationally which are in various stages of submission. These cover India Filing, PCT Filing & National Phase filings in India, US, Europe, Russia, China & Japan.
 
India’s large population, sedentary lifestyle and bad food habits will accelerate the growth of the PoC in-vitro diagnostic testing market. However, there are no immediate plans for more funding and we may look at this closer to the end of the year, he added.
 
The proprietary technology allows a single device to perform dozens of lab-grade diagnostic tests at home proving that the next generation of portable diagnostic devices that are not just accurate and reliable, but also smart and easy to use. Most self testing devices where Inito operates are under the Class B category of India’s new medical device policy because of minimal personal risk.
 
“We initially thought that people in Tier 2 cities would be hesitant in buying online. Instead it has contributed to 40 percent of sales which include Assam, Manipur & J&K,” Rai said.
 
The three-year-old company intends to chart the marketing pathway without partnering with any medical device distributors familiar with this terrain. “We currently market through our own website and Flipkart but will soon be available on other e-commerce platforms. Therefore a marketing partner is not on the cards in the short term,” stated Rai.
 
In order to sustain the growth path and comprehending the market need, Inito has a set of tests in the pipeline for diabetes, thyroid and vitamin D where the related in-vitro monitoring technologies will be introduced in the next 6-8 months.