Rivaara Labs, a testing services and R&D-focused molecular diagnostics company, raised its first institutional round of equity led by Amicus Capital and Kotak Investment Advisors. Bharat Daftary, who founded the company in 2019, also participated in the round. According to industry sources, the fundraising has been to the tune of Rs 50-60 crore.
Rivaara has developed PCR-based test kits, specifically for detecting pathogens prevalent in India, in collaboration with European research labs.
Daftary said, “The vision for Rivaara is to positively impact patient care by addressing gaps in widespread adoption of molecular diagnostics… Amicus and Kotak have an in-depth understanding of the healthcare sector and are aligned with our vision…”
Sunil Theckath Vasudevan, co-founder and partner, Amicus Capital, said, “We are very excited to partner with Rivaara’s journey to bring faster and accurate diagnostics to India.” Dhiraj Rajendran, ED, Kotak Investment Advisors, said, “Advances in molecular diagnostics over the last few years have opened up possibilities for faster and accurate ways to detect pathogens at an affordable price. Adoption of these advances like RT-PCR tests was seen during the pandemic period.