Thursday, 6 June 2024, Bengaluru, India
A healthcare diagnostic startup, Molbio, reported a loss of Rs 3 crore in FY23. Last year, this startup raised $85 million in a funding round led by Temasek and became a unicorn. The startup reported a revenue loss of 74% from Rs 1,272 crore to Rs 332 crore in FY23. The company posted a loss of Rs 3.4 crore in the same duration.
The startup has worked well in the healthcare market in past years, as it became the first unicorn in Goa. The firm reported a 57 percent year-on-year decrease in revenue to Rs 332 crore during FY23 compared to Rs 776 crore in FY22. Truenat is a product offered by the company to diagnose Tuberculosis. This flagship product of Molbio offers a real-time IOT-enable testing kit for over 30 diseases. The company helps to treat and accurately diagnose the disease using the real-time quantitative micro-PCR system.
The startup is based in Goa and has raised Rs 5 crore from interest and gain on financial assets, leading total revenue to Rs 337 crore in FY23. More than 44% of the expenditure went to raw materials and medical components. The scaling cost was reduced by 47/4% to Rs 143 crore in FY23. The spending includes employee benefits, legal, traveling, advertising, and other overheads. Entrackr reported that the company had a 57% decrease in scaling, and the pressure of fixed costs contributed to this Rs 3.4 crore loss.
The startup has raised a total of Rs 970 crore to date. The startup data intelligence platform, The Kredible, reported that Exxora Trading LLP holds the most significant stake in a startup with 41.7%, followed by Motilal Oswal. Molbio reported a revenue of Rs 850 crore in FY24. The startup plans to launch new products and strengthen its global presence this year while reaching a revenue of Rs 1,200 crore. It also aims to raise Rs 2,499 crore via IPO.
Conclusion
Molbio reports a loss of Rs 3 crore and gross revenue of Rs 332 crore, marking a 57% decrease from the previous fiscal year. Founded by Sriram Natarajan, Molbio offers various diagnostic solutions, such as its flagship product, truenat, which is used to diagnose tuberculosis. With the healthcare sector showing promising opportunities for these startups, Molbio Diagnostic’s use of technology to enhance diagnosis productivity highlights its potential impact on the Healthcare sector.
While facing losses, the company’s steady growth and focus on providing quality solutions and products for healthcare position it well in the healthcare diagnostic market. As the healthcare industry evolves, everyone is looking for Molbio’s future trajectory and contributions to this market. The company had a 57% decrease in scaling, and the pressure of fixed costs contributed to this loss of Rs 3.4 crore. The flagship product of Molbio offers a real-time IOT-enable testing kit for over 30 diseases. The company helps to treat and accurately diagnose the disease using the real-time quantitative micro-PCR system.
