Goa-based Molbio Diagnostics, known for its ‘Truenat’ technology for real-time testing for diseases such as Covid-19 and dengue, said Monday that Singapore state investment firm Temasek has decided to invest $85 million (Rs 693 crore) in the company.
The fresh funds from Temasek, along with those from existing investors such as Motilal Oswal Alternates, will help the company accelerate development and commercialisation of new technologies based on clinical need gaps, Molbio said in a statement.
Molbio says its technology brings together a portable, battery-operated real-time polymerase chain reaction (PCR) platform that can be used for testing infectious diseases such as tuberculosis, Covid-19, Hepatitis-C, human papillomavirus, influenza as well as vector-borne diseases like dengue, chikungunya and malaria.
“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,” said Sriram Natarajan, Director and CEO, Molbio Diagnostics.
Molbio says its Truenat real-time PCR has been deployed in over 5,000 testing centres across over 40 countries.
In India, the government has deployed its devices at primary and community health centres across all states and Union Territories under the National Tuberculosis Elimination Program, it added.
Temasek joins the cap table two and a half years after Motilal Oswal Private Equity (MOPE), a subsidiary of financial services group Motilal Oswal Financial Services, inked a deal to invest up to Rs 240 crore ($32.75 million then) in Molbio. This was struck just before the Covid-19 pandemic hit the globe and pushed up demand for PCR testing.
Temasek has been on an investment spree in India, having clocked over a dozen transactions over the last 15 months. The Molbio deal adds to its recent bets in the healthcare sector in companies like regional hospital chain Medica Synergie and eyecare chain Dr Agarwal’s.