Mumbai-based Rivaara Labs Raises Funding From Amicus, Kotak Investment Advisors

Mumbai-based Rivaara Labs Raises Funding From Amicus, Kotak Investment Advisors

Rivaara Labs, a development-focused molecular diagnostics company, has raised Rs 60 crore ($7.3 million) in its first institutional funding round led by Amicus Capital and Kotak Investment Advisors.

As per the firm, the raised funds will be used to accelerate the development and commercialisation of proprietary test kits, upgrade the manufacturing facilities, expand its lab network and scale up the scientific sales force as well as technical talent across the country. Founded by Bharat Daftary, who also invested in the round, Rivaara is a Mumbai-based vertically integrated molecular diagnostic startup that addresses a significant unmet medical need for timely, actionable information, addressing the challenges of the current standard of care for diagnosing and monitoring diseases.

The firm has developed PCR (polymerase chain reaction)-based test kits in collaboration with European research labs. It claims that the tests are specifically developed for detecting pathogens prevalent in India, which, therefore, will lead to early and effective treatments to save lives. Speaking about the development, Bharat Daftary, Founder of Rivaara Labs, said,

“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.”

Rivaara Labs will provide tests for respiratory diseases, sepsis, TB (tuberculosis), anti-microbial resistance, etc., which will initially be made available via its own molecular diagnostic lab network.

To reduce turnaround time for its patients, the molecular diagnostics firm intends to expand its network from the current 12 labs to around 60 labs across India. The Mumbai-based startup also plans to sell the kits to other diagnostics companies, with plans to expand into international markets.

Shishir Gupta, The Founder & CEO of StartupLanes said,

The leading and most trusted Molecular Diagnostics and Point of Care technology provider in India, enabling doctors and patients to achieve timely and superior clinical outcomes.

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