Fibrohale Woundcare on Sunday said it has raised Rs 6.3 crore in a pre-Series A funding round from existing promoters and a new set of investors including leading surgeons, medical professionals and bankers.
The company has also pledged to raise an additional Rs 10 crore from existing and some new investors.
The silk protein-based medical device startup intends to use the newly raised funds to scale its go-to-market strategy, hire more people and invest in its product pipeline in the medical device segment.
“Wound care is a fast-growing segment of the health and wellness sector. With a differentiated technology based on ‘Natural Silk’, committed leadership and a capable team, Fibroheal is poised to become a major player in this segment,” said KK Narayanan, who also invested in the round. Narayanan had earlier founded Metahelix Life Sciences which was acquired by Rallis India, and co-founded Kottaram Agrofoods (Soulful Cereals) which Tata was acquired by Consumer Products.
The fundraising comes amid significant growth in India’s wound care market, driven by an increase in chronic diseases, rising healthcare spending and awareness of wound care solutions, according to a 2024 report by research firm Mordor Intelligence.
Founded in 2017 by Vivek Mishra and Bharat Tandon, Fibroheal’s products are being used in over 500 hospitals across India and have a presence in over 19 states. The company has also branched out to sell its products on various ecommerce platforms.
The company’s product line, which includes foams, meshes and powders, is used to treat a variety of acute, chronic, traumatic, post-operative, non-healing or difficult-to-heal wounds such as bedsores or infected C. – Section wounds, among others.
Fibroheal has previously raised money from existing promoters Telama Investments, CCAMP and KITVEN.