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.