Piyush Sanduja | Agenda+Health 11/1

HealthTech Innovation: Remidio

Remidio is a Bengaluru-based company that turns a smartphone into a retinal camera, taking eye screening beyond the ophthalmologist's chair. Its patented annular illumination captures retinal images without dilating drops, and the platform adds AI-assisted screening. The company says 4,000+ of its devices have screened 16 million+ patients across 55+ countries.

Welcome to all the supporters of Agenda+Health, here is what to expect:

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1/ Why is ₹5,378 Cr of Manipal's IPO Going to Repay One Loan?

Manipal's IPO has a ₹8,000 Cr fresh issue. ₹5,378 Cr of it is earmarked to redeem one set of bonds.

Those NCDs were raised in September 2025 to pay for the Sahyadri acquisition, from DBS, Deutsche Bank, MUFG, BNP Paribas and Deccan Funding.

The catch: they must be prepaid the moment Manipal lists.

That one repayment is 50.36% of Manipal's total borrowings of ₹10,613 Cr (DRHP, as of 31 Jan 2026).

Add ₹574 Cr to buy another 9.84% of Sahyadri, and ≈74% of the fresh money (our calc) goes into one deal. Is this IPO funding growth, or paying for growth already bought?

2/ Paras Healthcare IPO: 2.23x Subscribed, Who is Selling?

Paras Healthcare's ₹1,450 Cr IPO closed on 23 October, subscribed 2.23 times, with institutions bidding 3.09x their quota.

But only ₹500 Cr is fresh capital for the company. ₹950 Cr is an offer for sale.

Creador's affiliate Commelina alone is selling ₹650 Cr, ≈68% of the OFS (our calc).

The chain runs 8 hospitals with 2,211 beds. So who is the IPO really for: the hospitals, or the investors exiting?

3/ Top 5 Startups in MedTech

Marbles Health: Marbles Health's EASE 2.0 is a CDSCO-licensed, portable brain-stimulation device paired with EEG readings before and after each session. It has delivered 26,000+ patient sessions across 100+ clinics in 16 states, and a stroke-recovery trial is running with AIIMS New Delhi.

Panacea Medical Technologies: Panacea Medical Technologies has been building India’s own cancer treatment machines since 1999. Its 100+ radiotherapy systems, including Bhabhatron and the US FDA-cleared Siddharth II, have helped hospitals across Asia and Africa treat over 280,000 cancer patients.

Sahajanand Medical Technologies: Sahajanand Medical Technologies is India’s leading heart stent maker, holding nearly 25% of the country’s drug-eluting stent market by volume. The Surat company earned ₹1,210 crore in FY26, up 18% from the year before, and sells its devices in 77 countries, with Europe bringing in 39% of revenue.

Truevis Technologies: Truevis Technologies is moving large medical equipment manufacturing onshore with a ₹500 crore plant on 50 acres in Haldia. The plant will make over 1,000 CT, MRI, patient monitoring and radiotherapy units a year, create 5,000+ jobs and targets ₹1,000 crore in annual business within five years.

FlexiRelief SmartCare: FlexiRelief SmartCare is tackling the one to two hours of morning stiffness that rheumatoid arthritis patients live with, using a smart glove that delivers heat and vibration therapy through a phone app. The IIT Jodhpur incubated startup plans to extend the technology to knee joints next.

4/ New Frontiers: Rising HealthTech Pioneers

5/ Mergers and Acquisitions: Indian Healthcare

6/ Deal Desk

Spotlight on latest capital raises and investments…