Molbio Diagnostics Revenue, Valuation, Funding & Investors

Molbio Diagnostics is valued at $1.6B as of September 2022, a 17.6x multiple on its last reported $91M revenue.

Last Molbio Diagnostics valuation

$1.6B

Undisclosed stage · Sep 2022

Last Molbio Diagnostics funding round

$85M

Undisclosed stage · Sep 2022

Molbio Diagnostics revenue

$91M

Undisclosed stage · Sep 2022

Key investors in Molbio Diagnostics

  • Motilal Oswal Private Equity
  • Temasek

Molbio Diagnostics Overview

About Molbio Diagnostics

Molbio Diagnostics is a molecular diagnostics manufacturer based in Verna, Goa, India, founded in 2000. The company produces low-cost devices like Truenat for point-of-care testing of tuberculosis, COVID-19, and other pathogens using chip-based PCR technology. Deployed in over 100 countries, its portable systems operate on battery power for remote clinics, partnering with WHO and Gavi for global health programs via molbiodiagnostics.com.


Founded

2000

HQ

IndiaGoa

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$91M (Sep 2022)

Valuation

$1.6B (Sep 2022)

Molbio Diagnostics Valuation

Molbio Diagnostics is currently valued at $1.6B, based on its undisclosed-stage round in September 2022.

The $85M round was led by Temasek, with participation from Motilal Oswal Private Equity.

Molbio Diagnostics valuation by funding round

Molbio Diagnostics valuation by funding round
DateStageValuationRevenue Multiple
Sep 2022Undisclosed stage$1.6B17.6x

Molbio Diagnostics Revenue

Molbio Diagnostics' latest recorded revenue is $91M, as of its undisclosed-stage round in September 2022. At a $1.6B valuation, that implies a 17.6x revenue multiple.

Molbio Diagnostics revenue by funding round

Molbio Diagnostics revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Sep 2022$91M$1.6B17.6xUndisclosed stage

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Molbio Diagnostics Funding History

Molbio Diagnostics has raised a total of $117M across 2 funding rounds.

Molbio Diagnostics' first fundraising round was a $32M undisclosed-stage round in March 2020. The most recent completed round was a $85M undisclosed-stage round in September 2022.

Molbio Diagnostics funding rounds

Molbio Diagnostics funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Sep 2022Undisclosed stageTemasek (lead); Motilal Oswal Private Equity$85M$1.6BMolbio Diagnostics, a Goa-based point-of-care molecular diagnostics company, develops the Truenat platform, a portable real-time PCR system for infectious diseases like TB, endorsed by WHO and deployed in 40 countries. It gained prominence during COVID-19 for PCR testing. The company raised $85 million (₹680 crore) from Temasek Holdings and existing investor Motilal Oswal Alternates (previously invested ₹240 crore or $32.5 million in 2020) on September 26, 2022, achieving a post-money valuation of $1.6 billion and unicorn status. The funding aims to strengthen development and commercialization of near-care diagnostics and accelerate global rollout of Truenat. Previously backed by Motilal Oswal Private Equity, Allegro Capital advised the transaction. Molbio employs 750 people, with 400 in manufacturing, 200 in sales, and the rest in operations. For FY22 (ending March 2022), it projected ₹850 crore in revenue as COVID-19 testing demand waned post-FY21, when it reported ₹472.7 crore profit versus a ₹16.27 crore loss in FY20. Molbio operates in an oligopolistic market with high entry barriers, as Truenat is one of only two rapid molecular TB tests globally by an Indian firm. Later, in August 2024, it filed IPO papers with SEBI for Rs 200 crore fresh issue plus offer-for-sale at over Rs 12,000 crore valuation, with Temasek and Motilal Oswal holding 8.93% and 12.66% stakes respectively post their investments.
Mar 2020Undisclosed stageMotilal Oswal Private Equity (lead)$32M-Molbio Diagnostics Private Limited, a Goa-based research-driven diagnostic company, develops the Truenat point-of-care molecular diagnostic platform for infectious diseases like TB, deployed in over 500 private labs and 350 primary health centers in India and 27 countries as of March 2020. Motilal Oswal Private Equity's India Business Excellence Fund-III agreed to invest up to Rs 240 crore (approximately $32.75 million) on March 4, 2020, to support growth, manufacturing expansion, fulfilling orders, working capital, and general purposes. The investment highlights investor interest in Molbio's close-ended diagnostic platform with global potential in public and private sectors, endorsed by WHO for TB diagnosis. Molbio's Truenat aims to decentralize high-quality diagnostics for TB and other diseases in remote settings, addressing India's high TB burden. The funding partners MOPE with CEO Sriram Natarajan to scale operations and position Molbio as a leading Indian medical equipment company under 'Make in India'. MOPE, managing over Rs 2,300 crore for Fund-III, targets mid-market businesses; prior investments include MAS Financial, N Ranga Rao & Sons, Happy Forgings, and Arinna Lifesciences. Later developments include a 2022 $85 million raise from Temasek and Motilal Oswal Alternates at $1.6 billion valuation, achieving unicorn status, with total funding reaching ~$124 million. Truenat expanded to 40 countries. Molbio filed a DRHP for IPO in 2025, receiving SEBI nod by December 2025, with an OFS implying Rs 12,490.8 crore valuation.

Who has invested in Molbio Diagnostics?

2 investors have backed Molbio Diagnostics across its funding rounds, including Motilal Oswal Private Equity and Temasek.

Lead investors include Temasek and Motilal Oswal Private Equity.


Molbio Diagnostics Investors

Investors in Molbio Diagnostics by funding rounds participated
InvestorHQRoundsRoleFirst check

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Molbio Diagnostics

Molbio Diagnostics has acquired 1 company to date.

Last acquisition by Molbio Diagnostics was on February 20th 2023. Molbio Diagnostics acquired Prognosys Medical Systems for undisclosed valuation.


Latest Acquisitions by Molbio Diagnostics

Prognosys Medical Systems
Description
Prognosys Medical Systems is an Indian manufacturer of digital radiology and fluoroscopy equipment. Headquartered in Bengaluru, it produces ProRad fixed and mobile X-ray systems with ceiling-suspended and floor-mounted configurations. Prognosys exports to over 20 countries, including battery-powered units for bedside imaging in remote areas.
HQ CountryIndia
HQ City
Bangalore
Deal Date20 Feb 2023
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Investments by Molbio Diagnostics

Molbio Diagnostics has invested in 1 company to date.

Latest investment by Molbio Diagnostics was on November 6th 2024. Molbio Diagnostics invested in OptraScan in their $30M Series B round.


Latest Investments by Molbio Diagnostics

OptraScan
Description
OptraScan is a Gurgaon-based provider of cloud-enabled digital pathology platforms on a subscription model. The system digitizes slides for remote viewing, AI-assisted diagnostics, and lab workflow integration, serving pathology departments in India and Southeast Asia with pay-per-scan access.
HQ CountryUnited States
HQ City
San Jose, CA
Deal Date6 Nov 2024
RoundSeries B
Raised$30M
Investors-
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Molbio Diagnostics Competitors

Molbio Diagnostics competitors include listed companies like Vazyme Biotech, Personalis, Insight Lifetech and Sansure Biotech, and private ones like BGI Group and Sangon Biotech.

Public and private companies comparable to Molbio Diagnostics
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BGI GroupChinaShenzhenPrivate--$1.6B-
Vazyme BiotechChinaChinaPublicly listed$205M$18M$1.6B6.0x
PersonalisUnited StatesUnited StatesPublicly listed$70M($78M)$1.7B20.1x
Sangon BiotechChinaShanghaiPrivate$102M-$1.4B13.7x
Insight LifetechChinaChinaPublicly listed$81M$18M$1.8B21.4x
Sansure BiotechChinaChinaPublicly listed$245M$48M$1.4B4.1x

Molbio Diagnostics Public Comps

Molbio Diagnostics is still privately-owned, but its public comps include Vazyme Biotech, Azenta, Personalis, Sansure Biotech, Insight Lifetech, Genus, OPKO Health, Castle Biosciences, BGI Genomics and Novogene.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Vazyme Biotech$205M$18M6.6x6.0x76.5x35.0x
Azenta$594M$35M2.0x2.0x34.0x20.7x
Personalis$70M($78M)22.4x20.1x(19.9x)(15.7x)
Sansure Biotech$245M$48M4.2x4.1x21.3x14.6x
Insight Lifetech$81M$18M20.9x21.4x94.2x-
Genus$903M$122M2.2x2.2x16.4x11.3x
OPKO Health$607M($56M)2.2x2.3x(23.3x)(11.2x)
Castle Biosciences$344M($429K)2.6x2.5x(2082.6x)44.9x

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Common questions about Molbio Diagnostics

When was Molbio Diagnostics founded?Molbio Diagnostics was founded in 2000.
Where is Molbio Diagnostics headquartered?Molbio Diagnostics is headquartered in Goa, India.
Is Molbio Diagnostics publicly listed?No, Molbio Diagnostics is a private, VC-backed company.
What is Molbio Diagnostics' valuation?Molbio Diagnostics was last valued at $1.6B in its undisclosed-stage round in September 2022.
How much funding has Molbio Diagnostics raised?Molbio Diagnostics has raised $117M across 2 funding rounds.
What was Molbio Diagnostics' last funding round?Molbio Diagnostics' last funding round was a $85M undisclosed-stage round in September 2022, led by Temasek.
Who are Molbio Diagnostics' investors?Molbio Diagnostics' investors include Motilal Oswal Private Equity and Temasek.
What is Molbio Diagnostics' revenue?Molbio Diagnostics' latest recorded revenue is $91M (September 2022).
What is Molbio Diagnostics' revenue multiple?Molbio Diagnostics' latest valuation implies a 17.6x revenue multiple ($1.6B valuation on $91M of revenue).
Which companies are comparable to Molbio Diagnostics?Companies comparable to Molbio Diagnostics include BGI Group, Vazyme Biotech, Personalis, Sangon Biotech, Insight Lifetech and Sansure Biotech.
How many companies has Molbio Diagnostics acquired?Molbio Diagnostics has acquired 1 company, including Prognosys Medical Systems.
How many companies has Molbio Diagnostics invested in?Molbio Diagnostics has invested in 1 company, including OptraScan.
What was Molbio Diagnostics' last investment?In November 2024, Molbio Diagnostics invested in OptraScan's $30M Series B.

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