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Mylab picks up majority stake in health-tech firm

Sanskritech is the developer of Swayam, a portable diagnostic and tele-medicine point-of-care (POC) system, which can be used to create a small lab anywhere similar to the size of an ATM kiosk.

Mylab picks up majority stake in health-tech firm
As part of the deal, Mylab will acquire a majority stake in Sanskritech in an all-cash deal.

Mylab Discovery Solutions, a biotech company, on Monday announced acquisition of a majority stake in health-tech start-up Sanskritech for an undisclosed sum. Sanskritech is the developer of Swayam, a portable diagnostic and tele-medicine point-of-care (POC) system, which can be used to create a small lab anywhere similar to the size of an ATM kiosk.

“During the second wave of the pandemic, we saw overburdening of our testing systems. It became evident that decentralised testing would significantly improve access and turnaround times. POC labs will be a game-changer in the diagnostics space,” Hasmukh Rawal, managing director, Mylab, said. Mylab is focused on molecular, serological and immunology testing solutions, diagnostics equipment, drug discovery and biomedical research.

Pritam Kumawat, founder of Sanskritech, said this was a boot-strapped venture and they sought investors to expand reach and scale up. “All kind of technologies existed in the country but access to early diagnosis was an issue so was cost,” Kumawat said. Through an IoT based POC system, Swayam had leveraged technology to create an easy access to basic healthcare at an affordable cost and with Mylab they were looking at making testing available available across the country, Kumawat said.

As part of the deal, Mylab will acquire a majority stake in Sanskritech in an all-cash deal. The Sansktitech team will continue to operate as a separate entity under the aegis of Mylab. Mylab plans to establish more than 1,000 POC systems in the next two years and start deployment of these systems with lab partners from November 2021.

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First published on: 21-09-2021 at 08:10:08 am