It involves injecting a polymer, called styrene-maleic anhydride, into the vas deferens (a duct which carries semen away from the testes), effectively blocking sperm from leaving the testicles.
The shot, preceded by a dose of local anaesthesia, is designed to supplant a traditional vasectomy.
US researchers have developed a similar contraception but it is not yet on the market.
While male birth control pills exist, they are not expected to be released for another 10 years.
Indian researchers says the product is pending approval and could be out within a year.
"The polymer was developed by Professor SK Guha from the Indian Institute of Technology in the 1970s. ICMR has been researching on it to turn it into a product for mass use since 1984, and the final product is ready after exhaustive trials."
Researchers call this reversible inhibition of sperm under guidance.
While the trials have proved relatively successful, researchers say they may struggle to convince men to inject their private parts.
One man, who was interviewed by Vice, said the idea is hard to contemplate.
"When I think about this whole concept of contraception that you have to inject ... it's too graphic," said 33-year-old Abhay. "Our [testicles] are like family jewels, so if I have to resort to using any kind of contraceptive, I'd rather go for a pill."
However, others say women are already burdened enough and it's time for men to step up.
"Men are not too used to making changes in their routine, so it has to be marketed in a way that doesn't seem so intense or difficult," one said.