[Funding Alert] Molbio Diagnostics raises $85 Mn from Temasek and Motilal Oswal Alternates

Funding

Goa-based Molbio Diagnostics, which provides solutions for universal access to high-quality healthcare, on Monday announced that Temasek has invested $85 million in the company along with existing investor Motilal Oswal Alternates. Allegro Capital acted as exclusive advisors for this transaction.

According to the official release, the company will use the funds to develop and commercialize a range of near-care technologies based on gaps in clinical needs. In addition, it will also help the company accelerate its efforts to bring the Truenat platform to global markets.

Molbio is known for its Truenat technology – a portable, battery-powered, real-time PCR platform. Truenat claims to be the world’s first point-of-care molecular diagnostic platform approved by the World Health Organization (WHO) as a replacement for smear microscopy for the diagnosis of tuberculosis. 

Sriram Natarajan, Director and CEO of Molbio Diagnostics, said, “We are delighted to have Temaska ​​on board. The demand for high-quality molecular diagnostic systems at the point of care is higher than ever today. The strategic partnership with Temasek will strengthen our ability to provide sustainable solutions to address global healthcare challenges.”

Rohit Mantri, Director of Motilal Oswal Alternates, said, “We are proud to have partnered with Molbio just a few months before COVID-19 when the capital requirement was extremely critical, resulting in Molbio playing a very important role in scaling up the testing infrastructure in India.”

According to the company, the technology can be deployed at all levels of the healthcare chain, including very remote and inaccessible areas, to ensure early, rapid and accurate diagnosis of infectious diseases and thus facilitate timely and appropriate treatment. In addition to TB, the platform can test for more than 40 diseases, including COVID-19, hepatitis, HIV, HPV, and vector-borne diseases such as dengue, chikungunya, and malaria.

Truenat real-time PCR has been deployed in more than 5,000 testing centres in more than 40 countries worldwide. India has deployed these facilities in primary and community health centres in all states and union territories under the National Tuberculosis Elimination Programme. The global rollout of Truenat for TB has started through various international agencies including UN, USAIDS, Global Funds, Global Drug Facility etc.

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