Rivaara Labs raises Rs 60 crore in funding led by Amicus Capital, Kotak
- ByStartupStory | November 8, 2022
Rivaara Labs, a molecular diagnostics development company, has disclosed that it has raised Rs 60 crore ($7.3 million) in its first institutional round. Amicus Capital and Kotak Investment Advisors led the investment round. Bharat Daftary, the company’s founder, also participated in the round.
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 is a vertically integrated molecular diagnostics firm launched in 2019 by Daftary, a former Bharat Serums & Vaccines promoter.
The company worked with European research laboratories to create PCR (polymerase chain reaction) test kits. The tests, according to the research group, 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.”
In order to shorten the turnaround time for its patients, the Mumbai-based firm plans to expand its network from 12 laboratories to roughly 60 labs across India. It also hopes to offer the kits to other diagnostics businesses and expand into overseas markets.
“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,” said Daftary.
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