This Diagnosis Startup from Goa Revolutionised COVID-19 Tests; Now Raised $85 Million
Goa-based company Molbio Diagnostics, started by diagnostics expert Sriram Natarajan, announced its latest round of funding. It will now be valued at $1.6 billion, making it the 108th unicorn in India.
Molbio Diagnostics announced that Singapore-based private equity firm Temasek has invested $85 million (over Rs 690 crore) in the company. Molbio Diagnostics had changed the game for COVID-19 RT-PCR testing. The company will now be valued at $1.6 billion, making it the 108th unicorn in India.
The Goa-based company is known for its molecular diagnostic platform Truenat, which it tweaked for COVID-19 testing, and was approved by the government.
It was started by Sriram Natarajan, a diagnostics expert, who has over 34 years of experience in developing, manufacturing, and marketing diagnostics devices. They partnered with Bigtec labs, which is headed by Molbio’s CTO Chandrasekhar Nair.
The company has also made Tuberculosis (TB) testing fast and has been validated by the Indian Council of Medical Research (ICMR) for screening. In 2020, it was approved by the World Health Organisation (WHO) for the initial detection of TB and is pre-qualified to be part of the global plan to eradicate TB by 2030.
Molbio Diagnostics’ Truenat technology is the first in the world to be endorsed by the World Health Organisation (WHO) as a replacement to smear microscopy for the diagnosis of Tuberculosis.
In a statement, Molbio Diagnostics said that the fresh funds from Temasek along with those from existing investors such as Motilal Oswal Alternates will help the company accelerate the development and commercialisation of new technologies based on clinical need gaps.
“We are delighted to have Temasek on board. The demand for high-quality, point-of-care molecular diagnostic systems is higher than ever today. The strategic partnership with Temasek will strengthen our ability to provide sustainable choices to address global healthcare challenges,” Sriram Natarajan, Director and CEO, Molbio Diagnostics, said in a statement.
It will also use the funds to expand its global network. Present in over 5,000 testing centres in over 40 countries, it further plans to add 20-25 countries every year, said Natarajan to VCCircle.
This Truenat technology can be deployed at all levels of healthcare, particularly in remote and inaccessible areas. Their technology can test for over 40 diseases including HIV, HPV, Hepatitis, Dengue, chikungunya, malaria, etc.
Sources
‘Temasek invests in Covid-19 testing specialist Molbio Diagnostics’ by PB Jayakumar for Fortune India, Published on 27 September 2022.
‘Molbio Diagnostics gets $85 million investment from Global investment company Temasek’ Published on 26 September 2022 Courtesy Financial Express
‘Molbio Diagnostics Raises $85 Mn From Temasek At Unicorn Valuation’ by Anuj Suvarna for VCCircle, Published on 26 September 2022.
Edited by Yoshita Rao, Image Courtesy molbiodiagnostics.com
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