Cupid Ltd’s Strategic Foray into Indian IVD Market

On June 3, 2024, Cupid Ltd announced in an exchange filing the initiation of a strategic foray into the Indian market by launching its distribution network for Rapid In Vitro Diagnostic (IVD) kits. This step forms a vital part of Cupid’s broader strategy to enhance its footprint in the global IVD market.

Cupid Limited has commenced distributing its IVD kits in several states throughout India, encompassing Maharashtra, Goa, Gujarat, Rajasthan, Jammu & Kashmir, and Madhya Pradesh. The company aims to achieve nationwide coverage by the financial year-end and has already assembled a robust sales team for this objective.

The company stated that, given India’s escalating disposable incomes and mounting emphasis on preventive healthcare, there is an increasing demand for diagnostic services. The country has more than 1,00,000 diagnostic labs, a notable proportion of which are standalone or affiliated with hospitals.

Cupid offers 13 unique IVD products branded as Cupikit and Cupisure. By year-end, the goal is to introduce Cupikit to over 10,000 labs and distribute Cupisure pregnancy detection kits to over 100,000 chemist outlets. Already, within three months of launch, the pregnancy detection kits have been placed in 25,000 chemist outlets.

Cupid Limited operates an advanced IVD manufacturing plant in Sinnar, Maharashtra, with an annual production capacity of over 30 million kits. This unit, which has been operational for more than two years, is due for further capacity expansion in the upcoming quarters.

The company’s IVD kits hold certifications under ISO 13485:2016 and ISO 14001:2015 and have received approval from the Central Drugs Standard Control Organisation (CDSCO). These products are validated by prestigious laboratories, such as the ICMR (Indian Institute of Malaria Research), NABL Accredited Labs and the National Institute of Biologicals (NIB). The company is also in the process of securing WHO PQ and European CE certifications for various products.

Cupid has exported IVD kits to other regions, such as Liberia, Tanzania, the Philippines, Nepal, and Ghana. The company is also in the process of product registration in Bhutan, Myanmar, Mozambique, Cameroon, Ethiopia, Nigeria, Sierra Leone, and Zambia. The current export orders total approximately ₹1.25 crore.

Cupid is installing fully automatic machines to significantly augment the production capacity and address the rising demand. The company is positive about the future trajectory of its IVD segment, with a strong leadership team fueling growth and innovation.

Speaking of the significant expansion, the Managing Director of Cupid Limited, Aditya Halwasiya, said, “The IVD Kits segment of Cupid is positioned to be a substantial growth catalyst for our company. Our dedicated team, spearheaded by Amit Tripathi, has made significant strides in establishing and broadening our IVD portfolio. We remain committed to leveraging our competitive edge to tap into the immense potential of the IVD market.”

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