In India, healthcare breaks at the very first step, which is diagnosis. Yes, diagnosis is the biggest challenge and problem that we have today. It’s not unusual for a patient in a small town or village to wait several days, sometimes weeks, to get a test result from a distant city laboratory.
For example, with diseases like tuberculosis (TB), malaria, or HIV, every day lost in diagnosis is a life-threatening delay. The problem is massive and systemic. Urban India is fairly well served by large diagnostic chains, but rural and semi-urban India, where nearly 65% of the population lives, remains underserved. Primary health centers often lack the infrastructure, trained technicians, or equipment to run accurate tests. Patients must travel long distances, pay high costs, and endure long wait times.
As a result, there is a huge diagnostic gap that got translated into delayed treatment, worsening disease outcomes, and also led to a huge economic burden. To understand the problem in a clear picture, let’s look into the tuberculosis disease and its impact on the country.
As per several sources, India alone accounts for nearly 2.7 million cases annually, which is probably the highest in the world. And as per WHO estimates, nearly 5 lakhs die because of undiagnosed and untreated TB every year in India. This is because over 50% of people don’t have timely access to reliable diagnostic facilities. Because of all these gaps in India, TB alone costs India an estimated $32 billion every year in lost productivity. When we add HIV, dengue, and other diseases, it adds more billions to the productivity that we lose every single year.
Now, it clearly tells us how important diagnosing the problem is. When there is a huge problem, if someone tries to solve it, definitely they will have a higher probability of success, and that led to the rise of Molbio Diagnostics.
Molbio Diagnostics is a Goa-based company founded with a mission to democratize access to high-quality diagnostics. Their flagship innovation, Truenat, has redefined how testing can be done. Sriram Natarajan is the founder, director, and CEO of Molbio Diagnostics. He has been working in the healthcare and diagnostics field for more than 30 years. Before starting Molbio, he founded the Tulip Group, which became India’s largest company making diagnostic testing products. With Molbio, his vision is clear: to make medical testing simple, fast, and available even in the most remote parts of the country.
Unlike traditional PCR machines that are bulky, costly, and need trained specialists, Truenat is a lightweight, battery-operated device that makes testing simple and accessible. It can detect over 30 diseases, including TB, COVID-19, HIV, malaria, and dengue, at an affordable cost, especially suited for India and other developing regions. Most importantly, it works even in small clinics, primary health centers, or mobile vans, bringing accurate diagnostics directly to the patient instead of making patients travel long distances for a lab test.
Though the company was started in 2014, the real breakthrough came with the pandemic. Well, many businesses led to closure; COVID-19 has become a catalyst for its business. During the early days of COVID-19 there are no proper testing systems, and existing ones are struggling. This is when Truenat has become popular and a lifesaver. One of the major advantages is that it is small, portable, and gives quick results, and not just in big hospitals; even in remote areas it can be used. One of the major boosts was when ICMR approved it for COVID testing, and soon even the WHO recognized it, which helped Molbio to expand to other countries.
Well, these are not the only reasons for its success. There are some other reasons for its success. It is for multi-purposes, not just for one disease, but it can be used for diagnosing other diseases. This platform-based approach ensured the recurring revenues and long-term customer stickiness. By addressing not just TB but a wide range of diseases, Molbio diversified its revenue streams and ensured that it would not be seen as a “COVID-only” company. Today, Truenat is used for testing everything from HIV to hepatitis.
Then one of the notable points is their partnerships. Molbio strategically aligned with public health initiatives. For instance, India’s Revised National TB Control Programme integrated Truenat into its testing protocols. International NGOs and health bodies also became key partners, helping Molbio expand into Africa and Asia. These are some of the reasons for what it is today.
Recently the company made headlines for its financial results because Molbio’s growth story has seen many ups and downs. During the COVID-19 pandemic, its Truenat machines were in huge demand, and the company’s revenue shot up to ₹1,272 crore in FY21. But once the pandemic slowed down, testing needs dropped sharply, and by FY23 revenues had fallen to just ₹332 crore. Many thought Molbio might not recover, but the company stayed focused on its bigger mission to make diagnostics simple and accessible for many diseases and not just COVID.
This strategy worked, and by FY25, Molbio bounced back strongly with ₹1,020 crore in revenue and a solid ₹138.5 crore profit. And according to various sources, the company is planning to go for an IPO. If it goes for IPO, that would be a key watch moment because it played a key role in the past and now as well.
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