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India, 26th September 2022: Goa-based Molbio Diagnostics, which provides innovative solutions for universal access to high-quality healthcare, announced that Temasek has invested $85 million in the company.
Molbio is known for its game-changing Truenat® technology – a point-of-care, portable, battery-operated Real-Time PCR platform. Hailed globally as a high-impact breakthrough innovation, Truenat® is the world’s first point-of-care molecular diagnostic platform to get endorsed by the World Health Organization (WHO) as a replacement to smear microscopy for the diagnosis of Tuberculosis. The technology can be deployed at all levels of the healthcare chain, including very remote and inaccessible areas, to provide early, rapid, and accurate diagnosis of infectious diseases, aiding in timely and appropriate treatment. The platform can test for over 40 diseases in addition to TB, including COVID-19, Hepatitis, HIV, HPV, and vector-borne diseases like Dengue, Chikungunya and Malaria.
The widely acclaimed ‘Truenat® Real-Time PCR’ has been deployed in over 5,000 testing centers across over 40 countries around the world. The Government of India has deployed these devices at primary and community health centers across all states and Union Territories in the country under the National Tuberculosis Elimination Program. Global roll out of Truenat® for TB has begun through various International agencies including United Nations, USAIDS, Global Funds, Global Drug Facility, etc. Truenat® also played a significant role in India’s fight against COVID-19 by expanding access to RTPCR testing in rural, resource-limited geographies across the country.
Onboarding Temasek, alongside existing investors such as Motilal Oswal Alternates, will further strengthen and accelerate the company’s ability to develop and commercialize a host of near-care technologies based on clinical need gaps. Furthermore, this will also help the company in fast-tracking its efforts to take the Truenat® platform to global markets.
Mr Sriram Natarajan, Director and CEO, Molbio Diagnostics, said, “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.”
Commenting on the investment, Dr Chandrasekhar Nair, Director and CTO, Molbio Diagnostics, said, “We see the partnership with Temasek accelerating our efforts to work on newer technologies that address the critical need gaps in diagnosis globally.
Rohit Mantri, Director at Motilal Oswal Alternates said, “Over the past three years, Molbio has changed the diagnostic paradigm across India and has had real impact in saving millions of lives. Molbio is a true testament to innovation and ‘Make in India’ for the world. We take pride in the fact that we associated with Molbio just few months prior to the Covid when the requirement of capital was extremely critical, and something that led to Molbio playing a very important role in ramping up of the testing infrastructure in India. Now, as the company goes global, we continue to remain extremely excited and welcome Temasek as a new partner in Molbio's growth journey.”
Allegro Capital acted as exclusive advisors for this transaction.
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