Friday, May 17, 2024
The global product design and development services market size was valued at USD 7.9 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.6% from 2021 to 2028. With the aim to make India self-reliant, Abhishek Reddy Gujjala has come up with the startup, Criador labs, a design, and engineering firm especially focused on medical devices and consumer products. The startup is a true example of making Bharat Atmanirbhar where the whole product is developed in India for India.
Abhishek Reddy Gujjala is a serial entrepreneur. He has founded multiple startups like GreenStory.in, Eve healthcare and Criador Labs. He previously worked at IBM as an ERP Consultant. He is currently the CEO and founder of Criador Labs.
Abhishek begins, “We are a design and engineering firm with a focus on medical devices and consumer products. We work with different clients across the globe.”
USP of Criador labs
Abhishek expresses, “We are positioned very differently from traditional firms. We offer a one-stop end to end solution for any product developed. We offer design services, engineering services, in-house prototyping facilities, and manufacturing. We can completely develop the product from start to end in one place. There is a great collaboration between all the teams, thus we add value and a lot of innovations to the products that we develop.
We have more clients in the consumer sector. Medical clients are fewer than consumer sector clients. We are seeing an increasing number of Indian existing manufacturers, lots of healthcare startups, and some distributors who are entering into making their products. We are in discussion with these people. So, we see a good future in the healthcare sector.”
Talking about the responses to Indian-made products, Abhishek says, "It was believed that Indian companies can't make good products. But we have developed some complex medical products as well for US clients. Products are getting approval also for various clinical trials.”
Client base
Abhishek mentions. “We have worked with more than 50+ clients and specific to the medical sector, we have worked with 20+ clients. We are bootstrapped and growing 50% YOY. We are profitable for all our years. So, we don't require funding.”
Goals and future expansion
Abhishek informs, “Our goal is to be the leader in medical devices which is the current expansion plans. Besides that, we want to develop medical products for India in India.”
Advice for the aspiring entrepreneur
Abhishek concludes, “Hard work is very much needed in whatever you do. You can build profitable businesses and find your niche and still be an entrepreneur. Be a role model to others, give employment to others through your business and take it forward.”
(Edited by Renu Gupta)
Contributed By: Abhishek Reddy Gujjala, CEO and Co-founder at Criador labs
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