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Friday, December 9, 2022

Rivaara Labs raises its first round of equity from Amicus Capital and Kotak Investment Advisors

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  • The company’s founder, Bharat Daftary, also took part in the round, the company said in a statement.
  • It plans to use the proceeds to accelerate the development and commercialization of its own test kits, upgrade manufacturing facilities, expand its lab network and scale talent.
  • Founded in 2019, the company has developed PCR based test kits in collaboration with European research laboratories.

Rivaara Labs, a testing services and research and development-focused molecular diagnostics company, said Monday that it was completing its first institutional round of capital led by Amicus Capital and Kotak Investment Advisors Limited.

The company’s founder, Bharat Daftary, also took part in the round, the company said in a statement.

Rivaara plans to use the proceeds to accelerate the development and commercialization of proprietary test kits, upgrade manufacturing facilities, expand the laboratory network, and scale up its scientific sales force and technical talent across the country. Rivaara has plans to expand its network from 12 labs to about 60 labs across India.

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“The vision for Rivaara is to positively impact patient care by addressing gaps in the 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,” said Daftary, founder of Rivaara Labs.

Founded in 2019 by Daftary, the former promoter of Bharat Serums & Vaccines Limited, Rivaara, in collaboration with European research labs, has developed PCR-based test kits specifically designed to detect common pathogens and provide effective treatments to save lives.

“Advances in molecular diagnostics in recent years have opened up possibilities for faster and more accurate ways to detect pathogens at an affordable price. The approval of some of these developments, such as RT-PCR testing, was observed during the response to the Covid-19 pandemic,” Dhiraj Rajendranisaid Executive Director, Kotak Investment Advisors Limited.

The company claims its diagnostic tests will also reduce the misuse of antibiotics, which has led to the growing problem of antibiotic-resistant strains. It will also roll out tests for respiratory disease, sepsis, tuberculosis and antimicrobial resistance through its own lab network. The kits will be made available to other diagnostic labs, Rivaara said. The company also has plans to enter international markets.

It also offers point-of-care products for patented new biomarkers and produces reagents and enzymes with applications in molecular biology and proteomic research. Proteome is a set of proteins produced in an organism.

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