India: Motilal Oswal PE to invest about $33m in Molbio Diagnostics

Photo: Reuters

Motilal Oswal Private Equity (MOPE), a subsidiary of diversified financial services group Motilal Oswal Financial Services Ltd, is investing about $32.75 million (Rs 240 crore) in Goa-based Molbio Diagnostics Pvt. Ltd, per an announcement.

In a statement, MOPE said that the investment would be made from its India Business Excellence Fund–III.

The funding would help the company scale its business and expand manufacturing facilities, Molbio director and CEO Sriram Natarajan said.

“Molbio’s business model of a close-ended diagnostic platform with multiple test assays have strong potential across the globe both in public and private sectors,” added Vishal Tulsyan, managing director and CEO at MOPE.

Set up in 2000, Molbio along with its subsidiary Bigtec Labs has developed and commercialised Truenat, a point-of-care molecular diagnostics platform that uses polymerase chain reaction (PCR) technology. The Truenat platform can diagnose at least 22 infectious diseases including tuberculosis, H1N1 swine flu, dengue, and HIV.

Molbio said, Truenat offers results within 60 minutes at an affordable cost and is being used at over 500 private labs and 350 primary health centres in the country and across 27 countries.

Molbio further claims that it has collaborated with several domestic and international institutions, including CSIR, ICMR, BIRAC, Grand Challenges Canada, BMGF and FIND to develop and deploy molecular diagnostics.

MOPE manages over Rs 7,000 crore across growth capital funds and real estate funds.

The firm had raised about $320 million (Rs 2,300 crore) for its third sector-agnostic fund, India Business Excellence Fund-III, in October 2018. The fund’s other investments include non-banking financial company MAS Financial Services, N. Ranga Rao & Sons Pvt Ltd, which makes Cycle incense sticks, and  Ludhiana-based auto comp maker Happy Forging Ltd.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.