Rivaara Labs Pvt. Ltd. Ltd, a development-focused molecular diagnostics firm, revealed on Monday that it had raised Rs 60 crore (USD 7.3 million) in its first institutional round, according to a source familiar with the matter who requested anonymity.

Amicus Capital and Kotak Investment Advisors Limited led the Rs 60 crore fundraising round (KIAL). Bharat Daftary, the creator of Rivaara, also participated in the round.

The revenues will be used to speed the development and marketing of unique test kits, update production facilities, expand its lab network, and scale up the scientific sales force and technical expertise across the country.

Rivaara is a vertically integrated molecular diagnostic firm created in 2019 by Daftary, an ex-promoter of Bharat Serums & Vaccines Limited.

Rivaara has collaborated with European research laboratories to create PCR (polymerase chain reaction)-based diagnostic kits. According to the research firm, the tests are designed to detect viruses widespread in India, resulting in early and successful treatments to save lives.

Dhiraj Rajendran, executive director at Kotak Investment Advisors, stated that advances in molecular diagnostics have opened prospects for faster and more accurate pathogen detection at lower cost points. “Some of these developments, such as RT-PCR assays, were adopted during the reaction to the Covid-19 epidemic.”

According to a corporate announcement, the tests will help prevent antibiotic overuse, which has contributed to the rising problem of antibiotic-resistant bacteria. It will first provide testing for respiratory disorders, sepsis, tuberculosis (TB), anti-microbial resistance, and other conditions through its molecular diagnostic lab network.

“Rivaara’s aim is to significantly affect patient care by solving gaps in general adoption of molecular diagnostics through a scientific sales team to raise awareness, the presence of local laboratories for faster sample processing, and worldwide grade kits at reasonable rates. Amicus and Kotak have a deep grasp of the healthcare business and share our objectives,” Daftary added.

The Mumbai-based firm intends to extend its network from the current 12 laboratories to roughly 60 labs across India in order to reduce turnaround time for its patients. It also wants to sell the kits to other diagnostics companies, with plans to expand into overseas markets.

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Kshitij does business research and content writing for VCBay. Pursuing BBA from Symbiosis Center Of Management Studies (SCMS) Pune, he is skilled in Financial Modeling, Stock valuation and Microsoft Excel. He is passionate about Entrepreneurship and Finance.

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