Maverick Simulation Solutions Limited
1 MAbout Maverick Simulation Solutions Limited
A Comprehensive Overview of Price & Journey
Understanding Maverick Simulation Solutions Limited Inception and Growth
Overview
Maverick Simulation Solutions is a medtech startup that focuses on creating medical training gear, simulators, and training rooms for universities and hospitals. Established in September 2023, Maverick has 13 years of expertise in the 3D printing and scanning business.
The origin of Maverick dates back to 2006, when Anuj incorporated Maverick solutions Inc. with the goal of providing the latest technology to its customers while inspiring the next generation.
Throughout the years, he spotted a much bigger opportunity—India's medical colleges and hospitals lack the access to world-class equipment, and they need real-world simulations and training rooms to enhance the skills of professionals before they attend an actual case. With this view, he shifted his focus towards medical simulation and introduced the Anatomage Table in 2018.
Since then, Maverick has established a robust and highly motivated team of R&D that created a diverse portfolio featuring 40+ products, with 200+ serviced customers. Medical simulators range from low-fidelity models for basic training to high-fidelity simulators replicating real-life medical cases.
Maverick is a bootstrapped startup, and founders have invested 50+ Cr in research and development. The company has not raised any external funding, but its shares are traded in an unlisted market, and its market capitalization has crossed 1100 Cr.
What maverick Does?
Operational Model
Maverick runs on a hybrid distribution model—where it acts as both a distributor of globally renowned technology and an in-house producer of alternatives.
Maverick has two business segments:
- Distribution: Here mavericks import the globally renowned technology, such as Anatomage table, KeyShot, and Rhino, and distribute it in India
- In-House Manufacturer: Maverick has invested heavily in its R&D to manufacture its own simulators and equipment.
How does NERL make Money?
Maverick makes money by offering the following solutions:
Medical Solutions
- Autonomous Human Lung Simulator
- Patent Simulator
- Surgery Simulator
- Anatomage Table
- Task Trainer
- Turnkey Projects
SimAcademy—a specialized healthcare training center, offering simulation-based training in:
- IVFSim Pro – Training for fertility treatment
- NurseSim Pro – Hands-on practice on technical skills for nurses
- VentilateSim Pro – Specialized training for mechanical ventilation
- FaceSim Pro – Training focused on facial aesthetics, cosmetic procedures, and laproscopy.
Apart from this, Maverick also provides access to software such as
- KeyShot Studio
- Rhino 3D
- Cascadeur
Analysis Points:
- Mavericks Revenue is highly concentrated in one-time high-ticket equipment sale and laboratory setup projects
- Revenue numbers have proved the pattern of hardware-heavy capital equipment business—a massive 10x jump in revenue, 14.2 Cr in FY24 to 136.3 Cr in FY25
-
Growth Drivers:
-
Government mandates acting as legal catalysts—NMC has directed its necessity
-
Institutional adoption—medical colleges embracing the technology
Competitors
Maverick faces dual competition but dominates in a highly niche market, at the domestic level its competitors are:
-
Direct Competitors (Innovators & Manufacturer)
Like Maverick, following companies also innovate and manufacture medical simulators and equipment within India:
- Satej Medinova Medical Device Company
- Trishula Technologies
-
Distributor Competitors (Global Tech)
Indian medical colleges and hospitals lack the advanced infrastructure and tech required in the medical or healthcare space. Like Maverick, following companies do not manufacture simulators but compete aggressively for government tenders.
- Madekom Medical System
- Laerdal Medical India
- Vardhan Medical Systems
Analysis Points:
- Maverick heavily depends upon its institutional clients
- Pressure from global leaders may disrupt the supply
- Extended complex sales cycles make the business capex heavy with long receivables
- Speculative domestic players compete aggressively on prices
Funding & Valuations
Maverick Simulations is a prominent, bootstrapped startup in the Indian Medtech space. Instead of relying on external funding to pump up its valuation and grow, founders are investing their own money.
- Recent Investment in R&D – INR 50+ Cr
- Revenue trajectory – FY24: INR 14.2 Cr Vs FY25: 136.3 Cr
- PAT – FY24: 0.94 Cr Vs FY25: 47.8 Cr
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Overview
Maverick Simulation Solutions is a medtech startup that focuses on creating medical training gear, simulators, and training rooms for universities and hospitals. Established in September 2023, Maverick has 13 years of expertise in the 3D printing and scanning business.
The origin of Maverick dates back to 2006, when Anuj incorporated Maverick solutions Inc. with the goal of providing the latest technology to its customers while inspiring the next generation.
Throughout the years, he spotted a much bigger opportunity—India's medical colleges and hospitals lack the access to world-class equipment, and they need real-world simulations and training rooms to enhance the skills of professionals before they attend an actual case. With this view, he shifted his focus towards medical simulation and introduced the Anatomage Table in 2018.
Since then, Maverick has established a robust and highly motivated team of R&D that created a diverse portfolio featuring 40+ products, with 200+ serviced customers. Medical simulators range from low-fidelity models for basic training to high-fidelity simulators replicating real-life medical cases.
Maverick is a bootstrapped startup, and founders have invested 50+ Cr in research and development. The company has not raised any external funding, but its shares are traded in an unlisted market, and its market capitalization has crossed 1100 Cr.
What maverick Does?
Operational Model
Maverick runs on a hybrid distribution model—where it acts as both a distributor of globally renowned technology and an in-house producer of alternatives.
Maverick has two business segments:
- Distribution: Here mavericks import the globally renowned technology, such as Anatomage table, KeyShot, and Rhino, and distribute it in India
- In-House Manufacturer: Maverick has invested heavily in its R&D to manufacture its own simulators and equipment.
How does NERL make Money?
Maverick makes money by offering the following solutions:
Medical Solutions
- Autonomous Human Lung Simulator
- Patent Simulator
- Surgery Simulator
- Anatomage Table
- Task Trainer
- Turnkey Projects
SimAcademy—a specialized healthcare training center, offering simulation-based training in:
- IVFSim Pro – Training for fertility treatment
- NurseSim Pro – Hands-on practice on technical skills for nurses
- VentilateSim Pro – Specialized training for mechanical ventilation
- FaceSim Pro – Training focused on facial aesthetics, cosmetic procedures, and laproscopy.
Apart from this, Maverick also provides access to software such as
- KeyShot Studio
- Rhino 3D
- Cascadeur
Analysis Points:
- Mavericks Revenue is highly concentrated in one-time high-ticket equipment sale and laboratory setup projects
- Revenue numbers have proved the pattern of hardware-heavy capital equipment business—a massive 10x jump in revenue, 14.2 Cr in FY24 to 136.3 Cr in FY25
-
Growth Drivers:
-
Government mandates acting as legal catalysts—NMC has directed its necessity
-
Institutional adoption—medical colleges embracing the technology
-
Competitors
Maverick faces dual competition but dominates in a highly niche market, at the domestic level its competitors are:
-
Direct Competitors (Innovators & Manufacturer)
Like Maverick, following companies also innovate and manufacture medical simulators and equipment within India:
- Satej Medinova Medical Device Company
- Trishula Technologies
-
Distributor Competitors (Global Tech)
Indian medical colleges and hospitals lack the advanced infrastructure and tech required in the medical or healthcare space. Like Maverick, following companies do not manufacture simulators but compete aggressively for government tenders.
- Madekom Medical System
- Laerdal Medical India
- Vardhan Medical Systems
Analysis Points:
- Maverick heavily depends upon its institutional clients
- Pressure from global leaders may disrupt the supply
- Extended complex sales cycles make the business capex heavy with long receivables
- Speculative domestic players compete aggressively on prices
Funding & Valuations
Maverick Simulations is a prominent, bootstrapped startup in the Indian Medtech space. Instead of relying on external funding to pump up its valuation and grow, founders are investing their own money.
- Recent Investment in R&D – INR 50+ Cr
- Revenue trajectory – FY24: INR 14.2 Cr Vs FY25: 136.3 Cr
- PAT – FY24: 0.94 Cr Vs FY25: 47.8 Cr
Fundamentals
Financials
All values are INR Cr except per share value
Revenue Growth
PAT Growth %
EPS Growth %
TOTAL ASSETS Growth %
QUICK RATIO Growth %
LONG TERM DEBT TO EQUITY RATIO Growth %
Frequently Asked Questions
Like any other financial product or commodity, the price of unlisted shares is discovered at the intersection of demand from buyers and supply from sellers of particular unlisted shares.
The two determinants of price are dynamic factors and keep changing constantly, hence share price tends to fluctuate constantly – every day, every minute.
Upon successful completion of a deal, the unlisted shares are credited electronically directly to your standard demat account that is usually created with CDSL or NSDL (Central Depository Services Limited or National Securities Depository Limited).
The lock-in period of Maverick Simulation varies depending on the category of the investor:
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Venture capital or foreign venture capital investors are subject to lock-in period of 6 months from the date of acquisition of shares
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For AIF investors of Category-II are not subject to any lock-in.
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Any other investor, including retail investors, HNI or corporate investors are subject to a lock-in period of 6 months from the date of listing.
Note – The above-mentioned lock-in is for mainboard, however for SME IPO the applicable lock-in period is 1 Year.
There is no regulatory minimum limit to invest in unlisted shares. However, minimum investment size varies with the per share price. Earlier, the typical investment size often ranges between 70K – 100K, but with the growing awareness and increased participation the investment size has been down sized to 50k.
Short-Term Capital Gain tax is applicable when you sell your unlisted shares within a year from date of acquisition. Realized gain is taxable at your slab rate after consolidating in total income for the year. Hence, the rate of tax depends on your overall income for the particular financial year.
Long-Term Capital Gain taxes are applicable when you sell your unlisted shares after two years from the date of acquisition. LTCG tax is calculated on profits realized on sale of unlisted shares at 12.5%. Investors particularly retail or HNI must understand the concept clearly as it impacts strategy and tax planning.
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You can download the NSDL or CDSL application and login into the account and check whether the shares have been credited or not.
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Credit of Unlisted Shares/Pre-IPO shares can be checked in brokers application as well but it takes T+2 days to show the shares.
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You would also get email confirmation of credit of shares via email.
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The value of share in unlisted space is determined in the same way as it is done in the listed market. Demand and supply decide the price of any share. If the demand is more than the supply, then the price of the share increases and vice versa.
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When a new share is introduced in the unlisted space, the value of the company is decided upon the last funding raised by the company. If the company hasn’t raised any funding in the past, then the valuation is decided upon the fundamentals of the company.
Yes, investing in unlisted shares is legal in India, the activity is regulated and governed under the rules and guidelines laid by SEBI (Securities and Exchange Board of India). Related parties must comply with the regulations and guidelines to ensure legal and financial standards.
Investing in unlisted shares in India carries a significant and distinctive risk profile such as limited liquidity, lack of transparent pricing and regulatory oversight because unlisted shares do not trade on listed stock exchange, they are bought or sold in OTC (over the counter) market that makes vulnerable to following risks:
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Liquidity risk, unlisted shares are difficult to buy and sell,
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Lack of transparent pricing, as share price of pre-IPO or unl;isted company is often determined by narrative not fundamentals
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Lack of information disclosure, unlisted companies are not mandated for disclosures like listed companies
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Tax ambiguity, because determination of fair market value and cost of acquisition of unlisted shares is often disputed
Hence, investors should carefully examine related facts before investing in Pre-IPO or unlisted shares.