Pulse raises $4 million to build full-stack medical equipment manufacturing brand

New Delhi: Bengaluru-based Pulse has raised a $4Mn seed round led by 3one4 Capital, with participation from Incubate Fund Asia & Stride Ventures, and angel investors including founders of Blackbuck and Agrizy to build a full-stack, asset-light medical equipment manufacturing brand that designs, sources and delivers affordable, globally compliant products at scale, with a focus on enabling Indian MSME manufacturers to compete with global incumbents.

The company will use the funds to set up an R&D hub, accelerate product development, secure regulatory certifications, and build distribution across India.

Founded in 2025 by Anshul Sharma and Nishant Goel, Pulse is headquartered in Bengaluru and currently operates with a 25-member team. The company focuses on low and mid-complexity medical equipment and consumables categories where India has strong manufacturing depth but remains highly import- dependent. Pulse’s long-term vision is to build a large horizontal OEM from India, serving multiple medical equipment categories for domestic and global markets.

Globally, the medical devices market is estimated to be over $550 Bn. Despite having a large healthcare market and a strong SME manufacturing base, India continues to import nearly 80% of its medical equipment. The core challenge, according to Pulse, is not manufacturing capability, but fragmentation across design standards, quality systems, regulatory compliance, branding, service infrastructure, and market access. Hospitals and distributors face high costs, long lead times, and limited reliable alternatives, while MSME manufacturers struggle with under-utilised capacity, inconsistent quality, certification readiness, and unpredictable demand.

Pulse addresses this gap by aggregating MSME manufacturing capacity, standardizing products, ensuring regulatory and quality compliance, and building a trusted, service-backed brand and distribution layer. The company brings together engineering, supply chain orchestration, compliance, and go-to-market execution under a single operating model, enabling globally compliant products at competitive price points while unlocking scale for Indian manufacturers.

The newly raised capital will be deployed to set up a dedicated R&D hub, accelerate product development, secure regulatory certifications, and strengthen MSME manufacturing partners through quality and process upgrades. Pulse will also invest in building its distribution network across India and selectively in export markets.

On the fundraise, Anshul Sharma & Nishant Goel, Co-Founders of Pulse, said, “India continues to rely heavily on imported medical equipment despite having strong manufacturing capability. Through our experience with asset-light manufacturing, we have seen how Indian SMEs can build world-class medical equipment when enabled with the right quality systems, certifications, and service infrastructure. Pulse is focused on turning this capability into a reliable, service-backed Indian alternative that can scale across hospitals in India and emerging markets.”

Commenting on the investment, Rajeev Ranka, India Partner of Incubate Fund Asia,  said, “Pulse is addressing one of India’s most structurally important healthcare gaps by providing reliable, affordable, and compliant medical equipment manufactured locally. Their asset-light approach, combined with strong execution depth and a clear focus on quality systems and service infrastructure, positions them well to build a scalable and globally relevant horizontal MedTech OEM from India.”

In its initial phase, Pulse is focused on serving mid-tier hospitals (50–200 beds) across India with reliable products in select categories such as critical care and renal care. The company plans to subsequently expand into larger hospitals and corporate hospital chains, while growing

horizontally by adding more medical specialties and deepening product portfolios within each category. Exports are expected to become a meaningful part of the business over time.

“India’s hospitals face a persistent challenge — critical medical devices are predominantly imported, expensive, and come with service infrastructure that simply doesn’t match the pace and scale of Indian healthcare delivery. The current macros and tailwinds have created a very strong opportunity to build a world-class, home-grown medtech brand. We have been deeply impressed with the approach taken by Nishant and Anshul, backed by the remarkable groundwork they’ve laid in such a short time. Medtech is set to be a breakout category in India over the next decade, and we believe PULSE’s thoughtful product selection and strong R&D focus will get us there — we are really excited to back this team.” – Akshay Sharma, Principal, 3one4 Capital