Molbio Diagnostics IPO

Molbio Diagnostics Limited IPO Strengths

Strong Position in Molecular Diagnostics

Molbio Diagnostics Limited is uniquely positioned to serve the rapidly expanding molecular diagnostics market through its Truenat platform. By offering accurate, rapid, and decentralized solutions for over 30 diseases, including TB, COVID, and HIV, the company meets rising healthcare demands. Its WHO-endorsed TB test highlights credibility, scale, and crisis-response capability.

Innovation-Driven R&D Capabilities

Molbio Diagnostics Limited prioritizes innovation with robust in-house R&D under subsidiary Bigtec, backed by over 13 years of continuous development. Its breakthroughs include India’s first Nipah virus test chip with emergency approval. With 114 scientists and strong patent holdings globally, the company leverages R&D to swiftly address gaps in diagnostics and sustain leadership.

Novel Portable Multi-Disease Platform

Molbio Diagnostics Limited has developed the portable, battery-operated Truenat system that delivers rapid molecular testing across multiple diseases in just 60 minutes. Its platform integrates nucleic acid extraction and real-time PCR, enabling accuracy, affordability, and flexibility. With wireless connectivity and ease of use, Truenat addresses diagnostic needs in both advanced laboratories and remote settings.

Scalable Model with Recurring Revenues

Molbio Diagnostics Limited operates a high-entry-barrier model with strong recurring revenue from proprietary Truenat test kits. Its closed ecosystem ensures continued demand post-device installation while expanding test offerings for infectious and non-communicable diseases. With growing adoption across India and global markets, the company benefits from scale, sustainability, and expanding diagnostic coverage.

Strategic Collaborations and Acquisitions

Molbio Diagnostics Limited enhances its capabilities through acquisitions like Prognosys in radiology and stakes in OptraScan for digital pathology. Collaborations with healthcare innovators expand its portfolio into breast health and host-biomarker diagnostics. These partnerships strengthen its ecosystem, extend reach into underserved markets, and position Molbio as a comprehensive diagnostic solutions provider globally.

Experienced Leadership Team

Molbio Diagnostics Limited is guided by an accomplished leadership team with decades of domain expertise. Led by CEO Sriram Natarajan, who earlier built Tulip Diagnostics into a global player, and CTO Chandrasekhar Nair, an award-winning innovator, the team brings proven track records in R&D, financial management, and global sales to drive sustainable business growth.

More About Molbio Diagnostics Limited

Molbio Diagnostics Limited is a pioneering point-of-care (POC) diagnostics company dedicated to expanding access to accurate, rapid, and cost-effective healthcare solutions. Its flagship innovation, the ‘Truenat’ platform, is a portable polymerase chain reaction (PCR) system designed for use in resource-limited settings, delivering decentralized diagnosis within an hour. As of March 31, 2025, Truenat is patented in more than 100 countries and offers molecular testing for 30 diseases through 42 assays, including tuberculosis (TB), COVID, Hepatitis B and C, HIV, and HPV.

Truenat Advantage

The platform operates in a high-entry-barrier market, having undergone 13 years of R&D to secure Indian Council of Medical Research (ICMR) certification. Notably, the Truenat TB test is:

• The only Indian-developed rapid molecular diagnostic for TB

• One of only two WHO-endorsed global tests for initial TB diagnosis and rifampicin resistance detection

Broader Solutions

In addition to molecular diagnostics, Molbio provides:

• Radiology systems through Prognosys

• Digital pathology tools via OptraScan

• Breast health screening solutions in collaboration with UE Lifesciences

Market Potential

The global point-of-care testing (POCT) market was valued at USD 27.83 billion in 2024 and is projected to grow at a CAGR of 18.74%, reaching USD 65.70 billion by 2029. With infectious diseases contributing to nearly one-third of global deaths in 2022, Molbio’s solutions are strategically positioned to address these critical healthcare challenges.

Technology and Design

The Truenat platform includes:

• Trueprep device: for automated nucleic acid extraction

• Truelab analyzer: available in UnoDx, Duo, and Quattro variants for simultaneous testing

• Truenat test kits: ready-to-use, room temperature-stable consumables

These innovations provide cost-effective, scalable, and portable testing options, especially valuable in underserved regions.

Global Reach and Growth

By March 2025, Molbio had deployed over 10,000 devices across 80+ countries, serving public health programs, hospitals, and laboratories. Revenues are driven by device sales and recurring income from proprietary test kits. Backed by strong R&D through Bigtec Labs and supported by global collaborations, Molbio continues to strengthen its innovation pipeline, expand its market presence, and set new standards in diagnostic accessibility.

Industry Outlook

The Indian Point-of-Care (POC) diagnostics market is witnessing robust growth, driven by the twin challenges of infectious and chronic diseases, coupled with the need for rapid, accessible testing—especially in rural and underserved areas.

Market Size & Growth

• POC Diagnostics (broad market): Valued at approximately USD 628 million in 2024, projected to reach USD 1.02 billion by 2030, at a CAGR of 8.45% (2025–2030).

• POC Molecular Diagnostics: Revenue of USD 298.6 million in 2024, expected to grow to USD 618.5 million by 2033, with an 8.5% CAGR.

• Rapid Diagnostics (broader category): Grew from USD 2.51 billion in 2024 to a forecasted USD 5.96 billion by 2035, at around 8.17% CAGR.

• Sepsis-specific POC segment: Expected to rise from USD 8.8 million in 2024 to USD 22.8 million by 2032, at a 12.6% CAGR.

Key Growth Drivers

• Rising prevalence of infectious diseases (TB, HIV, hepatitis) and non-communicable diseases (diabetes, cardiovascular disorders).

• Government initiatives to decentralise diagnostics and strengthen rural healthcare.

• Technological improvements such as miniaturisation, biosensors, microfluidics, AI integration, and smartphone compatibility.

• The COVID-19 pandemic accelerated adoption by proving the value of decentralised, rapid testing.

• Growth of mobile diagnostics, home-testing, and AI-assisted devices.

Segment Highlights & Trends

• The infectious diseases segment dominates the market due to high prevalence and urgent detection needs.

• Oncology and home-care modules are emerging as faster-growing sub-segments.

• Sepsis diagnostics show particularly high growth, reflecting urgent clinical demand.

Outlook for Molbio Diagnostics Limited

Molbio, with its Truenat PCR-based POC molecular diagnostics, is well-positioned in this fast-growing sector. Rising disease burden, strong government backing, demand for decentralised testing, and technological innovation provide strong tailwinds for expansion in India and globally.

How Will Molbio Diagnostics Limited Benefit

• Growing demand for rapid and accurate testing of infectious and chronic diseases directly supports Molbio’sTruenat platform, which already caters to TB, HIV, hepatitis, and more.

• Government programmes to strengthen decentralised diagnostics in rural India align perfectly with Molbio’s portable PCR systems, expanding its adoption.

• Strong CAGR projections in both POC diagnostics and molecular diagnostics ensure a larger revenue base and recurring kit sales.

• Rising need for affordable, point-of-care testing enables Molbio to position itself as a cost-effective and scalable solution provider.

• Increasing adoption of mobile and home-based diagnostics favours Molbio’s compact, easy-to-use devices.

• The surge in demand for rapid testing post-COVID has created lasting acceptance of decentralised diagnostic technologies, benefittingTruenat.

• Advances in AI, microfluidics, and biosensors open opportunities for Molbio to enhance product offerings and remain technologically competitive.

• Expanding oncology and sepsis diagnostics segments provide new growth avenues beyond infectious disease testing.

Peer Group Comparison

• There are no comparable listed companies in India that engage in a business similar to that of the company. Accordingly, it is not possible to provide an industry comparison as per the DRHP.

Key Strategies for Molbio Diagnostics Limited

Expanding Global Presence

Molbio Diagnostics Limited plans to scale its Truenat platform deployment across India and international markets. With devices already exported to over 80 countries, it aims to strengthen penetration in Africa and Southeast Asia, while entering Latin America, the US, and EU to capture rising molecular diagnostics demand.

Expanding Diagnostic Solutions Portfolio

Molbio Diagnostics Limited intends to broaden its test menu beyond the current 42 assays, adding 37 new assays for 22 diseases. By investing in R&D, sales, and marketing, and integrating imaging technologies, it seeks to provide comprehensive, multi-disease diagnostic solutions addressing both infectious and non-communicable diseases.

Developing New POC Platforms

Molbio Diagnostics Limited aims to leverage advanced multiplex PCR technologies to develop next-generation POC platforms. These solutions will address critical needs in immunochemistry, hematology, histopathology, antimicrobial resistance, and biochemistry. The strategy enhances its reach across both communicable and non-communicable diseases, positioning it as a leader in diversified molecular diagnostics.

Growth via Acquisitions and Alliances

Molbio Diagnostics Limited seeks inorganic growth through acquisitions, alliances, and its EDGE startup program. Past moves, including acquisitions in radiology and digital pathology, demonstrate portfolio expansion. Establishing a Bengaluru-based Center of Excellence by 2026 will accelerate innovation, co-development, and manufacturing, strengthening its ecosystem in India and global markets.