Rivaara Labs raises Rs 60 Crores in funding led by Amicus Capital & Kotak
Rivaara Labs, the Mumbai based molecular diagnostics development company, has received Rs 60 Crores as the first institutional round from Amicus Capital and Kotak Investment. Rivaara is a vertically integrated molecular diagnostics firm launched by Daftary, a former Bharat Serums & Vaccines promoter in 2019.
The new funds will be used to speed the development and commercialization of unique test kits, modernize production facilities, expand its lab network, and scale up the scientific sales force as well as technical expertise across India.
Rivaara plans to add another 48 centers to its network of 12 laboratories across the country to shorten the turnaround time for patients. Also hopes to offer the kits to other diagnostics businesses and expand into international markets.
The company worked with European research laboratories to create PCR (polymerase chain reaction) test kits. According to the research group, the tests are especially intended for identifying viruses common in India, resulting in early and successful treatments to save lives.
According to an announcement, the tests will help prevent antibiotic overuse, which has contributed to the rising problem of antibiotic-resistant bacteria. Through its own molecular diagnostic lab network, it will first offer testing for respiratory disorders, sepsis, tuberculosis (TB), anti-microbial resistance, and other ailments.
Dhiraj Rajendran, executive director, Kotak Investment Advisors, noted that advances in molecular diagnostics over the last few years have opened up possibilities for faster and more accurate ways to detect pathogens at affordable price points. “Adoption of some of these advances such as RT-PCR tests was witnessed during the response to the Covid-19 pandemic.”
Daftary stated that “The vision for Rivaara is to positively impact patient care by addressing gaps in widespread adoption of molecular diagnostics through a scientific sales force to create the right awareness, presence of local labs for faster processing of samples and international quality kits at affordable prices. Amicus and Kotak have an in-depth understanding of the healthcare sector and are aligned with our vision,”