Mobilio Diagnostics has raised $85 million from Singapore-based investment firm Temasek at unicorn valuation, Mint reported citing a person aware of the development. Goa-based diagnostics chain operator has been valued at $1.6 billion.

Molbio Diagnostics, known for its molecular diagnostic testing platform, will be the 108th unicorn after Tata 1mg made it to the list earlier this month, the report added. 

The latest fundraising is a combination of primary and secondary market transactions which offered partial exits to angel investors. 

According to a statement given to VC Circle the company said, Molbio will utilize the funds to expand its global network. Currently, the diagnostics chain operator has a presence in over 40 countries and it plans to further add 20-25 countries every year, Sriram Natarajan, chief executive officer and diagnostics director. 

The company is also backed by Motilal Oswal Private Equity (MOPE), a subsidiary of Motilal Oswal Financial Services Ltd, which invested up to Rs 240 crore in 2020. Molbio offers PCR (polymerase chain reaction) tests for infectious diseases and received prominence during Covid.

Molbio Diagnostics founded its research and development wing known as Bigtec Labs in 2000 in Bangalore. Bigtec Labs uses innovative techniques to create and bring together various academic disciplines under a common umbrella to develop game-changing/unique products in the area of diagnostics for resource limited settings world-wide.

Bigtec has a proven track record of developing and commercializing novel medical devices. Bigtec has developed a portable and battery-operated micro-PCR system under the aegis of CSIR (NMITLI) that has since been extensively validated (under DBT & ICMR).