Rivaara Labs, a molecular diagnostics development company, has announced that it has raised Rs 60 crore ($7.3 million) in its first institutional round. Amicus Capital and Kotak Investment Advisors led the funding round. Bharat Daftary, the company’s founder, also participated in the round.
The new funds will be used to accelerate the development and commercialization of proprietary test kits, upgrade manufacturing facilities, expand its lab network, and scale up the scientific sales force as well as technical talent across India.
Rivaara is a vertically integrated molecular diagnostics company founded in 2019 by Daftary, a former Bharat Serums & Vaccines promoter.
Rivaara worked with European research labs to create PCR (polymerase chain reaction) test kits. The tests, according to the research firm, are specifically designed for detecting pathogens common in India, resulting in early and effective treatments to save lives.
According to a company release, the tests will also reduce antibiotic misuse, which has contributed to the growing problem of antibiotic-resistant strains. Through its own molecular diagnostic lab network, it will initially offer tests for respiratory diseases, sepsis, tuberculosis (TB), anti-microbial resistance, and other conditions.
In order to reduce turnaround time for its patients, the Mumbai-based company plans to expand its network from 12 labs to around 60 labs across India. It also plans to sell the kits to other diagnostics companies and expand into international markets.
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