Singapore-based investment firm Temasek has invested USD 85 million (approximately Rs. 680 crore) in diagnostics chain Molbio Diagnostics Pvt. Ltd A person familiar with the development said the company will be valued at $1.6 billion after this round.
Molbio Diagnostics, known for its Truenat molecular diagnostics testing platform, is the 108th unicorn after Tata 1mg launched earlier this month. Recent fundraising has been a mix of primary and secondary market deals with some exits from angel investors.
According to the statement, Molbio will use the funds to expand its global network. Speaking to VCCircle, Sriram Natarajan, CEO and Head of Diagnostics, Molbio told VCCircle, “Currently, the diagnostics chain operator is present in more than 40 countries and plans to add 20-25 more countries every year.
With respect to mineral development, we are considering options to acquire assets to complement our exploration and development. We intend to complete the acquisition in the near future.”
“Today, the demand for high-quality point-of-care molecular diagnostic systems is greater than ever. Strategic strategic strategic strategy strengthens our ability to provide sustainable options to solve world health problems. What
He noted that the company uses 750 people in 400 production, 200 sales and the rest. The company is also backed by Motilal Oswal Private Equity (MOPE), a subsidiary of Motilal Oswal Financial Services Limited, which in 2020 raised Rs. 240 crores (about $32.5 million) were invested. Molbio offers PCR (polymerase chain reaction) tests for infectious diseases. And that became known in the age of Kovid. Founded in 2000, Molbio and subsidiary Bigtec Labs develop and commercialize Truenat, a platform that uses PCR technology to detect at least 22 infectious diseases, including tuberculosis, swine flu, dengue and HIV. According to the company, the site can provide results within 60 minutes at an affordable price. advertising
Diagnostics’ financial results in FY21 were significantly impacted by the crazy testing for Covid-19.
Molbio posted revenue of Rs 1,272 crore in the fiscal year ended March 2021, up from Rs 51.5 crore in fiscal 2020, a nearly 25-fold increase, according to regulatory filings. The company expects around Rs 850 crore in FY22 as demand for Covid-19 testing has declined after FY21, the person cited above said.
The company reported a profit of Rs 472.7 crore in FY21 compared to a loss of Rs 16.27 crore in FY20. Molbio has yet to file its FY22 annual report.
Rohit Mantri, Director, Motilal Oswal Alternatives, added, “Over the past three years, Molpio has changed the diagnostic paradigm across India and has made a real impact in saving millions of lives.”
Allegro Capital acted as the exclusive advisor for this transaction. Temasek Holdings said in July that its exposure to India rose to a record $16 billion last fiscal year, despite a broader market correction, as Singapore’s state investor increased its investments in technology companies and stocks continued. Its exposure in India grew from $9 billion in FY20 to $14 billion in FY21. This figure was $11 billion in FY19, $10 billion in FY18 and $9 billion in FY17.