Mylab Discovery Solutions: Innovating against all Odds

Mylab Discovery Solutions is a biotechnology firm based in Pune, Maharashtra, a state in the western part of India. The company is focused on developing and commercializing diagnostic solutions and automation in molecular, serology, and immunology areas. Its applications are in clinical diagnostics, drug discovery, biomedical research, agri genomics, and animal and food safety. Till early 2020, like any other young venture in a nascent market, Mylab was struggling to raise funds and spread awareness of high-priced but more accurate "molecular diagnostics" in a price-sensitive market. Its fortunes changed in March 2020, when the COVID-19 pandemic struck. The firm was dubbed the "poster child of the COVID-19 pandemic" after it rose to the limelight for developing COVID-19 RTPCR and rapid antigen test kits. The next two years saw it raising funds, automating and scaling production, doubling down on research and development, launching multiple new products, and pursuing inorganic growth through acquisitions and alliances. However, by January 2022, the pandemic seemed to have run its course. The founders, Hasmukh Rawal and Shailendra Kawade, were considering strategies to maintain Mylab's growth momentum. Through a series of interviews with key players at Mylab, we have developed a case study to delve into how a startup in the nascent biotechnology industry in India succeeded in turning out innovation after innovation and scaling up production of test kits from a few hundred to hundreds of thousands in the span of a few months. The learning objectives of this case are to understand the unique challenges faced by ventures in nascent markets, compare the ecosystem of ventures in nascent industries with those in mature industries, and discuss how stakeholder relationships evolve as a venture advances in its journey.