In the financial year that Agatsa Software Private Limited booked just ₹44.05 lakh in revenue from its keychain-sized SanketLife heart monitor, Sun Pharmaceutical Industries — India’s largest drugmaker by market value — agreed to pay upward of ₹30 crore ($3.1 million, at $1 ≈ ₹96.0 as of 18 September 2026, Trading Economics) for close to a third of the company. Fourteen years after two engineers built their first ECG prototype out of a matchbox, a business whose own regulatory filings show under ₹1.2 crore in yearly sales carries an implied valuation of roughly ₹115 crore, on the strength of one bet: that a heart attack caught at home is worth more than one caught in an ambulance.
This is the story of how that bet got made — the rejection from doctors that forced a redesign, the years without a single institutional investor, the personal tragedy that started it all, and the numbers, pulled from Sun Pharma’s own stock-exchange disclosures, that show a company still finding its commercial footing even as a pharmaceutical giant backs it.
Quick facts
| Company | Agatsa Software Private Limited (brand: SanketLife) |
| Founded | Incorporated 16 March 2010; the SanketLife device grew out of a 2013 family health crisis, with commercial sales beginning in 2016-17 |
| Founder(s) | Rahul Rastogi and Neha Rastogi |
| Businesses | Pocket-sized 12-lead ECG devices (SanketLife 2.0, SanketLife Pro+, H360) plus a companion app and cloud platform for cardiac screening |
| Latest FY revenue | ₹98.7 lakh for FY24 (year to March 2024), as aggregated from Ministry of Corporate Affairs filings by TheCompanyCheck |
| Latest FY profit/loss | Not disclosed in the public filings reviewed for this piece |
| Listed | Private; not listed. Minority shareholder Sun Pharmaceutical Industries is listed on the NSE and BSE |
| Market value / last valuation | Implied at roughly ₹115 crore (about $13.9 million), based on Sun Pharma’s February 2023 stake purchase, per CB Insights and Sun Pharma’s own exchange filings |
| Key shareholders / CEO | Rahul Rastogi (co-founder and CEO); Sun Pharmaceutical Industries (~30.1% stake, reported); other backers include JSS STEP and Orchid Partners |
What they do
Agatsa makes SanketLife, a portable electrocardiogram device small enough to fit in a pocket, aimed at people who cannot easily get to a hospital when heart trouble strikes. The user touches two sensors on the device, and it records a medical-grade 12-lead ECG in roughly 30 seconds, pushing the reading to a smartphone app that generates a shareable report. The company sells directly to consumers with cardiac risk factors through e-commerce and retail, and increasingly to hospitals, diagnostic chains and telehealth companies that use the device to extend ECG screening into clinics and homes that lack a full cardiology set-up (freepressjournal.in, May 2022; agatsa.com product pages, accessed September 2026).
The origin
Rahul and Neha Rastogi were both engineers with corporate jobs — Rahul had led a team of more than 250 engineers at Samsung’s Noida R&D centre, and Neha had worked as a module lead at a software firm — when Rahul’s father suffered a heart attack in 2013. Trying to keep track of his heart condition at home, the couple went looking for a simple, affordable ECG monitor and found nothing that fit the need (thebetterindia.com, May 2023, updated June 2026; forbesindia.com, March 2020).
Agatsa Software itself had already been incorporated in 2010, but it was this search that redirected the company toward cardiac hardware. Neha built an early single-lead prototype using, by her own account, a matchbox as the enclosure, wiring it to display a heartbeat trace on a phone screen (outlookbusiness.com, September 2016; forbesindia.com, March 2020). The founders’ insight was narrow but specific: India’s “golden window” for diagnosing a cardiac event is a matter of hours, and a home device that could flag trouble early would matter more than a marginally more accurate hospital machine used too late.
The struggle years
The first setback came from the people the Rastogis most needed on their side. When they demonstrated the matchbox-style single-lead prototype to cardiologists, the doctors, in Neha Rastogi’s own account, “rubbished it” and told the couple that a serious device needed to capture a complete 12-lead ECG, not a single trace (forbesindia.com, March 2020). That sent the team back to the lab for roughly a year; the rebuilt 12-lead prototype was ready by 2016 (forbesindia.com, March 2020; outlookbusiness.com, September 2016).
The second, larger setback shows up in the company’s own numbers rather than in an anecdote. Sun Pharma’s exchange disclosure records Agatsa’s standalone revenue at ₹2.21 crore in FY2020-21, falling to just ₹44.05 lakh in FY2021-22 — a drop of roughly 80% in a single year — before recovering to ₹1.11 crore in FY2022-23 (Sun Pharmaceutical Industries Regulation 30 intimation, 5 October 2023, Annexure B). No source reviewed for this piece explains the FY22 collapse in the company’s own words; it lands squarely in the pandemic-disrupted period when hospital footfalls, elective diagnostics and device distribution were all under strain across Indian healthcare. Through this stretch, Agatsa ran on a comparatively thin capital base: after its founding, the company’s first outside institutional money came only in September 2019, when it raised about $1 million from the Indian Angel Network and the government’s Technology Development Board (yourstory.com, September 2019; zeebiz.com, September 2019; indianweb2.com, September 2019) — nearly a decade after incorporation and roughly six years after the founding insight.
- 2015: First 12-lead prototype rejected by cardiologists in early demonstrations; product sent back for a year of rework (forbesindia.com, March 2020)
- 2016-17: Revamped SanketLife launched commercially, initially through limited retail and later a wider push on Amazon (outlookbusiness.com, September 2016; thebetterindia.com, May 2023/June 2026 — accounts differ on the exact commercial-launch year, and both are cited here)
- FY2021-22: Standalone revenue fell to ₹44.05 lakh, down from ₹2.21 crore the year before, an approximately 80% decline (Sun Pharma Regulation 30 filing, October 2023)
The turning point
The clearest before-and-after moment in Agatsa’s history is the Sun Pharma investment. On 18 February 2023, Sun Pharmaceutical Industries told the NSE and BSE it had agreed to acquire approximately 26.09% of Agatsa for about ₹30 crore in two tranches — Rs 8 crore up front and up to Rs 22 crore to follow (indiainfoline.com, February 2023; ehealth.eletsonline.com, February 2023; indianpharmapost.com, February 2023). Eight months later, on 5 October 2023, Sun Pharma disclosed a further agreement to buy an additional ~4.04% for ₹4.5 crore, taking its total proposed holding to about 30.13% (Sun Pharmaceutical Industries Regulation 30 intimation, 5 October 2023).
Set the two sides of that moment next to each other: the same regulatory filing that announced the deal disclosed Agatsa’s revenue for the year just gone, FY2022-23, at ₹1.11 crore. A company selling barely more than a crore of product a year had just had roughly ₹34.5 crore committed to it, in total, by a company whose own revenue that year ran into thousands of crore. CB Insights independently pegs Agatsa’s valuation at that time at about $13.9 million, or roughly ₹115 crore at rates prevailing then — consistent with dividing the disclosed deal size by the disclosed stake (cbinsights.com/company/agatsa, accessed September 2026; arithmetic derived from Sun Pharma’s own filings). Whatever the precise number, the deal marked the first time an established, listed healthcare company had put its name and balance sheet behind Agatsa’s device.
The money behind it
Third-party trackers disagree on Agatsa’s lifetime fundraising, which is itself telling of how fragmented and lightly disclosed its early rounds were. Tracxn puts total funding at about $10 million across 12 rounds; PitchBook estimates $9.1 million; CB Insights estimates $6.77 million (tracxn.com, accessed September 2026; pitchbook.com, accessed September 2026; cbinsights.com, accessed September 2026). Adding up only the rounds this piece could independently verify — the 2019 IAN/TDB round, the 2022 cardio-experts round and the 2023 Sun Pharma tranches — comes to roughly ₹54 crore, in the same broad band as the lower trackers’ estimates.
- September 2019 — approximately $1 million: Led by the Indian Angel Network and the government’s Technology Development Board; earmarked for scaling R&D and a wider medical-device portfolio (yourstory.com; zeebiz.com; indianweb2.com, September 2019)
- May 2022 — ₹12.5 crore (₹125 million): The company’s self-described “fourth round,” from a group of practising cardiologists and industry veterans — Dr Ramakant Panda, Dr Tejas Patel, Dr Ashish Parikh, the Ahmedabad-based Desai family and serial entrepreneur Hemal Patel, arranged through investment bank Fairprep Ally — earmarked for international expansion and B2B hospital partnerships (freepressjournal.in; techgraph.co, May 2022)
- February and October 2023 — up to ₹34.5 crore combined: Sun Pharmaceutical Industries acquired a cumulative stake of about 30.13%, becoming Agatsa’s largest disclosed single shareholder (Sun Pharma Regulation 30 filings, February and October 2023)
- Earlier/undated, per Tracxn: JSS STEP (an incubator with Agatsa among its notable portfolio companies) and Orchid Partners (recorded as investing in a seed round) also hold stakes (tracxn.com, accessed September 2026)
What each backer changed: the 2019 government-linked round gave Agatsa its first credible institutional validation after years of self-funding; the 2022 cardiologist-led round brought clinical credibility and a push toward hospital sales; and the 2023 Sun Pharma investment brought the balance sheet and distribution reach of a company that, unlike Agatsa’s earlier backers, already sells into thousands of Indian pharmacies and hospitals.
How it makes money
Agatsa’s revenue comes from selling ECG hardware, then trying to monetise the readings that hardware produces.
- Device sales, direct to consumer: SanketLife 2.0 currently lists for roughly ₹2,769–₹4,687 depending on retailer and discount (PharmEasy and 1mg listings, accessed September 2026), down from a launch price of ₹9,999 in 2016 (outlookbusiness.com, September 2016) — a price fall the company has attributed over the years to manufacturing at greater scale
- Higher-end bundles: The SanketLife Pro+ Combo, which adds a traditional lead-based converter, lists at roughly ₹14,062–₹18,654 (1mg, accessed September 2026), aimed at clinics and doctors rather than individual consumers
- Recharge/consumable revenue: Devices ship with a bank of pre-loaded tests (70 tests in the model reported by Forbes India in 2020), after which users buy recharge packs priced from roughly ₹50 to ₹10-20 per additional test — a razor-and-blade structure layered on top of the device sale (forbesindia.com, March 2020)
- Paid interpretation: A cardiologist review of a SanketLife report has been priced at roughly ₹175 per report in the same 2020 account (forbesindia.com, March 2020)
- B2B/institutional sales: Hospitals, diagnostic labs and telehealth platforms buy devices and cloud/EMR integration in bulk, a channel the company has said it was actively building out from 2022 onward (freepressjournal.in, May 2022)
The part outsiders tend to get wrong is treating Agatsa as a pure hardware business. Its founders frame SanketLife as an “AI and IoT” platform, not a one-time device sale, with the app and cloud layer meant to generate the recurring, higher-margin revenue (recharge packs, paid readings, institutional data services) that a single ₹3,000-₹4,000 device sale cannot. Whether that recurring layer has yet become the larger share of revenue is not disclosed in any source reviewed for this piece — Agatsa’s regulatory filings report only a single top-line revenue figure each year, with no device-versus-services split (Sun Pharma Regulation 30 filing, October 2023).
The numbers
Agatsa Software’s standalone financials, as disclosed in Sun Pharma’s exchange filing and MCA-based trackers, show a company still moving in a narrow, sub-₹2.5-crore revenue band, with no year-on-year profit or loss figure disclosed in any source reviewed for this piece.
| Financial year (ending March) | Revenue (₹ crore) | Year-on-year change | Profit/loss |
|---|---|---|---|
| FY2020-21 | 2.21 | — | Not disclosed |
| FY2021-22 | 0.44 | Down ~80% | Not disclosed |
| FY2022-23 | 1.11 | Up ~152% | Not disclosed |
| FY2023-24 | 0.99 (₹98.7 lakh) | Down, per TheCompanyCheck’s aggregation (its figure: ~18%) | Not disclosed |
Sources: FY21-FY23 figures are from Sun Pharmaceutical Industries’ Regulation 30 disclosure to the NSE and BSE, dated 5 October 2023, which reproduces Agatsa’s MCA-filed turnover for the “previous three years” as part of its acquisition disclosure. The FY24 figure is TheCompanyCheck’s aggregation of Agatsa’s MCA filings (thecompanycheck.com, accessed September 2026); this piece could not independently verify TheCompanyCheck’s stated year-on-year percentage against the audited FY23 base, so both the absolute figure and the discrepancy are flagged rather than smoothed over. No source reviewed disclosed net profit, loss, EBITDA or margin figures for any year; Tofler and InstaFinancials list these fields as available only behind a paid subscription (tofler.in; instafinancials.com, accessed September 2026), and this piece has not paid for or reproduced paywalled data.
Where the money comes from
Agatsa does not publicly break out revenue by channel, product or geography in any filing reviewed for this piece — a gap in itself, given how central the B2C-to-B2B shift is to the company’s own narrative. What can be pieced together from company statements and press accounts:
- Channel mix: The company describes itself as “the first B2C med-tech brand in India” by direct online and retail sales, now “aggressively expanding” into B2B tie-ups with hospitals, diagnostic labs, telehealth firms and local clinics (medicalbuyer.co.in, paraphrasing company statements, 2022)
- Product mix: Three device lines are current — SanketLife 2.0 (touch-based, consumer-facing), SanketLife Pro+ (adds a lead-based converter for clinical use) and H360 (adds blood pressure, SpO2 and heart-rate monitoring), launched in early 2023 (thebetterindia.com, May 2023/June 2026)
- Geography: The company has said its devices are sold in India plus a handful of export markets including Singapore, South Africa and Australia, largely through licensing-style arrangements rather than direct subsidiaries (outlookbusiness.com, September 2016); as of the company’s 2022 fundraise announcement, US and European sales were still contingent on FDA and CE certification being completed, which the company described as in progress (freepressjournal.in; techgraph.co, May 2022)
- The surprise: Despite a decade of press coverage describing hundreds of thousands of devices in use and millions of ECGs recorded, Agatsa’s own MCA-filed standalone revenue has never crossed ₹2.5 crore in any of the four years for which this piece found figures — a reminder that usage scale and booked revenue are not the same thing, especially for a device-plus-consumables business still building its institutional channel
On usage claims specifically, sources disagree sharply enough to warrant flagging rather than picking one: Entrepreneur India reported in May 2022 that SanketLife had been used for “over 150,000 ECGs” in the preceding two years, while The Better India’s account (published May 2023, updated June 2026) put cumulative ECGs recorded at “more than ten million.” Neither article cites an independent audit of usage data, and this piece treats both as company-sourced claims rather than verified figures (india.entrepreneur.com, May 2022; thebetterindia.com, May 2023/June 2026).
The risks
- Revenue scale versus capital raised: Standalone revenue has not exceeded ₹1.11 crore in any disclosed year even after an estimated ₹50-plus crore in cumulative funding and a Sun Pharma stake purchase priced off a roughly ₹115 crore valuation — a gap between capital committed and revenue booked that any future institutional or strategic investor will have to underwrite (Sun Pharma Regulation 30 filing, October 2023; cbinsights.com, accessed September 2026)
- Concentration in a single anchor shareholder: With Sun Pharma holding roughly 30% and described in its own filings as a “non-material investment in allied areas” rather than a strategic core holding, Agatsa’s most credible institutional backer has signalled the stake is peripheral to Sun Pharma’s own business, which could affect how much active support (distribution, capital, R&D) it commits going forward (Sun Pharma Regulation 30 filings, February and October 2023)
- Regulatory dependence for international growth: As of the company’s own May 2022 statements, US FDA and European CE certification were still “under process,” gating the international expansion the company has repeatedly cited as a funding priority since at least 2019; a later account (thebetterindia.com, May 2023/June 2026) states FDA certification has since been obtained, but this piece found no independent confirmation in the FDA’s own clearance database and treats the claim as company-stated only (freepressjournal.in; techgraph.co, May 2022; thebetterindia.com, June 2026)
- Crowded, low-cost competition: Agatsa competes against both global single-lead consumer ECG makers (AliveCor) and lower-cost Indian and Chinese portable ECG devices; the founders themselves have described early competitive pressure from “cheaper single-lead Chinese alternatives” as part of why they pushed to a full 12-lead design (outlookbusiness.com, September 2016; cbinsights.com competitor listing, accessed September 2026)
The takeaway
Agatsa’s story is a reminder that a compelling clinical narrative and a credible institutional stamp of approval can run well ahead of the revenue line, especially in hardware-plus-healthcare businesses where distribution, trust and regulatory clearance take years longer to build than the product itself. The company spent roughly six years between its founding insight and its first institutional cheque, and its disclosed revenue still moves in a band under ₹2.5 crore even after a listed pharmaceutical major bought close to a third of it. That is not necessarily a failure — plenty of medical-device companies scale distribution long after scaling belief — but it is a caution against reading funding announcements, valuation math or usage-milestone claims as proxies for a business’s actual commercial traction. The two numbers worth holding in your head at once, from now on, are never just the deal size and the stake percentage; they are the deal size and what the audited top line actually says.
Frequently asked questions
What does Agatsa make?
Agatsa makes SanketLife, a family of pocket-sized, touch-based ECG devices that can record a medical-grade 12-lead electrocardiogram and share the report through a smartphone app, along with a multi-parameter device called H360 that adds blood pressure, oxygen saturation and heart-rate monitoring (agatsa.com; thebetterindia.com, May 2023/June 2026).
Who founded Agatsa and when?
Agatsa was founded by the husband-and-wife engineering duo Rahul Rastogi and Neha Rastogi. The company was incorporated on 16 March 2010, but its cardiac-device business grew out of a 2013 family health emergency, with the first commercial ECG device reaching the market around 2016-17 (thebetterindia.com, May 2023/June 2026; forbesindia.com, March 2020).
How much funding has Agatsa raised?
Estimates vary by tracker: Tracxn reports about $10 million across 12 rounds, PitchBook estimates $9.1 million and CB Insights estimates $6.77 million. Verified individual rounds include roughly $1 million in September 2019 (Indian Angel Network and the Technology Development Board), ₹12.5 crore in May 2022 from a group of cardiologists and industry veterans, and up to ₹34.5 crore from Sun Pharmaceutical Industries across February and October 2023 (tracxn.com; pitchbook.com; cbinsights.com; yourstory.com; freepressjournal.in; Sun Pharma Regulation 30 filings, accessed/dated as cited).
What is Agatsa’s revenue?
Per Sun Pharma’s own exchange disclosure, Agatsa’s standalone revenue was ₹2.21 crore in FY2020-21, ₹44.05 lakh in FY2021-22 and ₹1.11 crore in FY2022-23. A separate MCA-based aggregator, TheCompanyCheck, puts FY2023-24 revenue at ₹98.7 lakh. No profit or loss figures were found in any publicly accessible source (Sun Pharma Regulation 30 filing, October 2023; thecompanycheck.com, accessed September 2026).
Is Agatsa listed on a stock exchange?
No. Agatsa is a private limited company. Its minority shareholder, Sun Pharmaceutical Industries, which holds a reported stake of about 30.1%, is separately listed on the NSE and BSE. Agatsa’s implied valuation at the time of Sun Pharma’s initial stake purchase was estimated at roughly $13.9 million (about ₹115 crore) by CB Insights (cbinsights.com, accessed September 2026; Sun Pharma Regulation 30 filings, 2023).
Sources
Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).
- Sun Pharmaceutical Industries Limited, Regulation 30 intimation to NSE/BSE re: Agatsa Software Private Limited stake, 5 October 2023 (sunpharma.com)
- IndiaInfoline, “Sun Pharma acquires minority stakes in Agatsa Software and Remidio Innovative,” February 2023
- eHealth (Elets), “Sun Pharma acquires stake in Agatsa Software Private Limited and Remidio Innovative Solutions Private Limited,” February 2023
- Indian Pharma Post, “Sun Pharmaceuticals to acquire minority stake in Agatsa Software and Remidio Innovative Solutions,” February 2023
- CB Insights, Agatsa company and financials profile, accessed September 2026
- Tracxn, Agatsa company profile, accessed September 2026
- PitchBook, Agatsa company profile, accessed September 2026
- TheCompanyCheck, Agatsa Software Private Limited FY2025 insights, accessed September 2026
- Tofler, Agatsa Software Private Limited financials, accessed September 2026
- InstaFinancials, Agatsa Software Private Limited, accessed September 2026
- Forbes India, “Neha Rastogi: Monitoring Heart Rates With A Keychain,” Self-Made Women 2020, March 2020
- Outlook Business, “Heart of the matter,” September 2016
- The Better India, “Dad’s Heart Attack Inspired Couple to Make Pocket-Sized ECG Device For Early Detection,” May 2023, updated June 2026
- Entrepreneur India, “Portable ECG Maker Agatsa Raises INR 125 Million,” May 2022
- Free Press Journal, “Medtech firm Agatsa secures Rs 125 mn from cardio experts,” May 2022
- TechGraph, “AGATSA secures Rs 125 Mn from Padma Bhushan Dr. Ramakant Panda & others,” May 2022
- YourStory, “[Funding alert] Healthtech startup Agatsa raises $1M…,” September 2019
- Zeebiz, “Startup India: Health solutions innovator Agatsa raises $1 million,” September 2019
- IndianWeb2.com, “Agatsa Raises $1 Mn in Funding led by IAN and Technology Development Board,” September 2019
- Medical Buyer, coverage of Agatsa’s B2C-to-B2B strategy shift, 2022
- 1mg and PharmEasy, current SanketLife product listings and pricing, accessed September 2026
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