In a defining leap for Indian medical technology on the global stage, Gurugram-based startup SS Innovations International (SSII), the makers of the indigenous SSI Mantra surgical robotic system, has been listed on NASDAQ, in the US.
SS Innovations International reported impressive financial growth for the year ending December 31, 2024, with revenues reaching $20.6 million - a 3.5-fold increase from the previous year’s revenue of $5.9 million. Gross margins also showed significant improvement, rising to 40.9% from 12.3% in 2023, highlighting the company’s robust financial performance and expanding market presence.
Furthermore, SS Innovations International has made remarkable progress with its clinically validated and patented SSI Mantra Surgical Robotic System, which has been installed in 80 hospitals across 75 locations in India, as well as expanding its footprint in countries including Nepal, Ecuador, Guatemala, the Philippines, Indonesia, Sri Lanka, and Ukraine.
The SSI Mantra Surgical Robotic System is transforming access to advanced robotic surgery, offering a cost-effective solution to a broader patient population. With plans to expand into Europe and the United States, SSII is positioning itself as a global leader in the field of medical robotics, further solidifying India’s role in advancing healthcare technology worldwide.
Dr Sudhir Srivastava, Founder, Chairman, and CEO, SSII, said, “The timing of our uplisting coincides with our global expansion beyond India into multiple countries worldwide. We are pursuing the EU CE Mark and US FDA approval for our SSI Mantra surgical robotic system, which we expect to receive in late 2025 and early 2026, respectively. We believe that this uplisting to NASDAQ will enhance market awareness of our growth story, improve transparency, expand our potential investor base, and ultimately increase share liquidity, all while showcasing India’s innovation on the global stage.”
With over 3,700 surgeries performed using the SSI Mantra, including more than 200 robotic cardiac procedures, the system has demonstrated an impeccable safety record, with zero reported device-related mortality, injuries, or complications. Furthermore, SS Innovations became the first and only company in India to receive regulatory approval from the Central Drugs Standard Control Organization (CDSCO) for telesurgery and tele-proctoring procedures, marking a significant milestone in the company’s global expansion strategy.
