Pune: Coronavirus test kit maker Mylab gets funding from Adar Poonawalla, Abhijit Pawar

Pune, April 2, 2020: Mylab Discovery Solutions Private Ltd., based in Pune, which is the first Indian company to get commercial approval for COVID-19 test kits in India, today informed that it has got undisclosed amount of funding from Sakal Media Group’s MD Abhijit Pawar and Adar Poonawalla, CEO – Serum Institute of India.

The funds will be used for scaling production of COVID-19 testing kits and further expansion of cutting edge molecular diagnostic solutions.

Adar Poonawalla, CEO – Serum Institute of India, said, “Global innovation is the need of the hour to curb this pandemic that has affected millions across the world. The need for the maintenance and manufacturing of medical and healthcare equipment at the pace required to keep the numbers at bay has never been more important. Mylabs and their team have shown exceptionally innovative capabilities when they were able to develop a time-saving testing kit within 6-weeks of its outbreak.

Keeping in mind their resilient approach and quick response, I am certain that the company has a variety of similar innovation-driven projects which will help bring drastic improvements in the healthcare sector. The investment towards Mylabs will enable them to build their infrastructure and expand their capabilities further.”

Hasmukh Rawal, Managing Director Mylab Discovery Solutions Private Ltd., Shailendra Kawade, Director Mylab Discovery Solutions Private Ltd., Sujit Jain, Director Mylab Discovery Solutions Private Ltd. and Managing Director of Netsurf, signed a partnership to build a world class molecular biotechnology company, which will serve humanity in a socially responsible manner.

“This partnership can Impact Billions of people across the world, especially India“, said Hasmukh Rawal and Shailendra Kawade.

“We are honoured to stand by the Prime Minister and the government, while supporting them during these trying times. This partnership will ensure, we do our bit to help in this time of crisis”, said Abhijit Pawar, Chairman AP Globale, MD – Sakal Media Group.

AP Globale, a positive Impact Business Solutions company, with interests in diverse businesses, including Sakal Media, will be helping Mylabs, scale its operations within India and globally. Abhijit Pawar, Chairman of APG, will be joining the board of the company.

“This will help Mylabs create a world class organisation, which will help India become a leader in molecular diagnostics’’, Sujit Jain – Director, Mylab Discovery solutions Pvt ltd, and MD Netsurf.

Mylab Discovery Solutions Pvt. Ltd. is an Indian biotechnology company offering advanced In-Vitro Diagnostics. The company offers a wide spectrum of molecular diagnostics solutions, developed by in-house R&D team in Pune, which helped it to become the first Indian company to get commercial approval for COVID-19 test kits in India, with 100% concordance results. In 2019, Mylab became India’s first FDA (CDSCO) approved manufacturer for RT-PCR based molecular diagnostic kits for detection and quantification of HIV, HBV and HCV. This was followed by NatSpertTM, Individual Donor Nucleic Acid Amplification Test (ID-NAT) screening kits for blood banks and hospitals, thereby becoming the first company in Asia and 2nd company worldwide to manufacture ID-NAT kits approved by regulatory bodies.

Mylab aims to simplify disease detection and making it more affordable with state of art-technology. To this tune, Mylab is working on development of Sample-to-Result lab machine which will automate the complete process of complex In-Vitro diagnostics. Home grown R&D company from India without any collaboration wherein India will be contributing the world in Clinical diagnostics, Pharmaceutical drug discovery, and Biomedical research, Agri genomics, Animal and food safety. This will make the process fast and reduce errors. Home grown R&D company from India without any collaboration wherein India will be contributing the world in Clinical diagnostics, Pharmaceutical drug discovery, and Biomedical research, Agri genomics, Animal and food safety.