Pulse Raises $4 Million: Building a Tech-Enabled, Full-Stack Horizontal Medical Equipment OEM Brand

We are thrilled to lead the $4 million round in Pulse, with participation from Incubate Fund Asia, Stride Ventures, and angel investors, including founders of Blackbuck and Agrizy. Founded in 2025 by Anshul Sharma and Nishant Goel, the company is building India's first full-stack, horizontal OEM brand for medical equipment.

We backed Pulse because we believe India's medical equipment sector is approaching the same structural shift that transformed Indian pharmaceuticals – a large, heavily import-dependent market where a disciplined, IP-led domestic brand can build the full stack of quality, compliance, service, and distribution that has historically been absent, and in doing so, displace global incumbents at scale.

India's Missing Mid-Layer

India imports nearly 80% of its medical equipment by value. The country has over 800 MSME device manufacturers, a growing hospital base of 70,000 facilities, and strong tailwinds from PLI schemes, medical device parks, and Make in India procurement mandates.

Yet the market remains structurally polarised. MNCs like GE, Siemens, and Philips dominate the high end with products priced out of reach for most hospitals. At the other end, fragmented local manufacturers produce inconsistent quality with limited service coverage. The 45,000 mid-sized hospitals in the 50 to 200 bed range – which account for 60 to 65% of national patient volume and spend ₹30 to 40 lakh monthly on equipment – sit squarely in the gap between these two extremes. They coordinate across 8 to 10 vendors per site, face service response times of 15 days or more, and have no single trusted OEM partner across categories. That is the gap Pulse is built to address.

The Brand and the Product Stack

Pulse is a full-stack, tech-enabled OEM brand that designs, sources, and delivers affordable, globally compliant medical equipment at scale. The model is built around orchestrating India's underutilised MSME manufacturing capacity and layering IP, quality systems, regulatory compliance, service, brand, and distribution on top. Hospitals interact with Pulse through a centralised digital catalogue, app and WhatsApp-based ordering, and integrated service ticketing and inventory tracking – removing the procurement friction that defines the current experience of dealing with a fragmented vendor base.

Pulse enters the market at a deliberate, affordable premium with an initial product focus on critical care and monitoring devices, where hospital demand is continuous, and import dependence is most acute.

Each product is sourced through structured technology transfers, delivering full design history files, BOMs, embedded software, certification dossiers, and manufacturing SOPs per SKU. Pulse is targeting 40 to 50 such transfers over five years, compressing time-to-market from 24 to 36 months of organic development to 8 to 15 months per product.

The brand integrates a hybrid service network of in-house engineers and certified third-party partners across cities, offering standardised AMCs and guaranteed response SLAs from the point of first sale. AMC contracts are expected to contribute 20 to 25% of total revenue at 50 to 70% gross margins, creating a recurring, high-margin revenue stream that scales in direct proportion to the installed base.

A Market at an Inflection Point

India's medical devices market is projected to grow from $11Bn to $50Bn by 2030. Post-COVID, hospital procurement behaviour has shifted materially: buyers are meaningfully more open to domestic alternatives, government procurement mandates domestic content preference, and PLI schemes have begun catalysing indigenous high-end manufacturing for the first time. Listed Indian MedTech peers – Polymedicure, Allengers, Trivitron – operate at EBITDA margins of 17 to 27% and strong public market multiples, validating the economics of scaled domestic OEM brands. What has not yet emerged is a horizontal player spanning multiple categories with service at the core. Every major Indian player is a vertical specialist. Pulse is positioned for the white space between them and the MNCs.

The export opportunity compounds this. Southeast Asia and Africa share India's mid-market hospital structure – fragmented, price-sensitive, and underserved by global OEMs. Pulse's pricing at 30 to 40% below Western incumbents, combined with a service infrastructure that Chinese alternatives do not offer, positions it as the credible, affordable option in both geographies. Exports are built into the model from year one.

The Operating Edge

Founders Anshul Sharma and Nishant Goel established Pulse after building and scaling some of India's most operationally complex B2B businesses across supply chain, logistics, and infrastructure over their combined careers at Zetwerk, BlackBuck, and Rivigo.

Anshul Sharma spent over six years at Zetwerk, most recently scaling the General Fabrication business to a ₹2,000 crore P&L across national enterprise and government accounts. Nishant built Zetwerk's Railways and Metros vertical from inception to thousands of crores over three years, combining financial discipline with the ability to manage distributed, operationally complex businesses at scale.

Their prior overlap gives them a working chemistry and a shared execution language, evident in the speed and rigour with which they have built Pulse's early foundation. Building a horizontal OEM brand in MedTech demands exactly this combination: the ability to manage complex supply chains, negotiate with fragmented MSME partners, acquire and retain hospital accounts, and maintain quality discipline across a growing product portfolio simultaneously.  

India's MedTech Moment

No domestic player has yet built a horizontal, multi-category medical equipment OEM out of India. What Pulse is attempting is categorically different: a single brand designed to serve the majority of a hospital's equipment wallet, backed by a service guarantee that changes the trust calculus for mid-tier buyers across India and beyond.

India's pharma industry has demonstrated what becomes possible when domestic manufacturing combines compliance discipline, export orientation, and brand scale. MedTech is the next frontier for that story to be written, and we believe Pulse is the brand to write it.

We are proud to back Anshul and Nishant as they build what India's healthcare system has long needed, and what we believe will define how Indian MedTech competes globally over the next decade.

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