Dr.C N Ramchand, CEO & CO Founder at Maggenome Technologies Pvt Ltd

Great Companies: How did you get your idea or concept for the business?

Dr.C N Ramchand: Nanotechnology or magnetic nanoparticle concept can be used for various applications. We have developed multiple unique patented products for DNA extraction, RNA extraction, protein extraction and size selection. Initially, this was part of various universities research work and eventually we realized that this has a great industrial potential as a business opportunity.

Thus, we have set up a company (MagGenome Pvt. Ltd.) in the year 2014, the first Nano biotechnology company in India. Our all-developed products are ready for application and by 2018 and 2019 onwards we initiated the business process for the same.

Great Companies: What are the various services provided by Maggenome Technologies Pvt Ltd.?

Dr.C N Ramchand: We have various products as well as services. The products are naked nanoparticle-based DNA extraction, which can be used whether it is for Blood, Saliva, Tissue, or Micro-organisms, or the similar way, RNA extractions or protein extraction also.

Regarding services, we are mainly providing services for clients who is interested in extracting high throughput DNA extractions or RNA extractions or support service in molecular diagnostics using nanoparticles.

Great Companies: What makes Maggenome Technologies Pvt Ltd different from hundreds of other similar service providers?

Dr.C N Ramchand: Magnetic particle-based nanotechnology companies have various diagnostic purposes and application services. There are several companies in the market, but MagGenome is the unique company which uses naked nanoparticles.

That means we are not using any coating to nanoparticles. That apparently is very complex, but there are significant advantages. That is the reason we have developed this product.

Great Companies: What were the struggles and challenges you faced and how did you overcome them?

Dr.C N Ramchand: Our major challenge was neither discovering nor developing and nor regulatory, but commercialization. Basically, a new technology, novel products, and its application became challenging. First two years nobody used to buy and try our products. However, eventually we went personally and showed demo to the clients and scientists that how it works, and slowly everyone got convince and started using the same.

Once they started using, they have not looked back and continuously started buying. Especially in the COVID times, we have sold throughout India a very large number of kits, almost several million US dollars’ worth RNA extraction kits for the purpose of RT PCR.

And throughout India, 8 % of the population was completely used Maggenom’s COVID extraction kits.

Great Companies: How do you plan to grow in the future? What does 5 years down the line look like for Maggenome Technologies Pvt Ltd?

Dr.C N Ramchand: Our first requirement is to expand throughout India with the current products which we are doing very well. We have about 6 to 8 people in the field which will be increased to about between 15 and 20 in a few months. We will cover from a small number of states to all the states in India.

We have also set up a facility in the US, and expanding operations into the complete US market. We are also planning to expand in Europe, to Singapore and various other countries, but probably it can take a few years.

Five years from now, we expect that we will be among one of the best nanotech companies using magnetic nanoparticles for various applications. We will feel that based on the technology that we have developed, this can be one of the best company with a user friendly nanotech products.

Great Companies: If you had one piece of advice to someone just starting out, what would it be?

Dr.C N Ramchand: I would say, mainly selling is a complex procedure. When you are coming out with a novel product, the technology is new, and already some other technology-based product is existing, it will become very difficult for people to use it for various reasons. That is going to be the challenge. If you are overcoming that challenge, that means this new product people start testing and using, you are successful.

You can eventually, in a few years, it can be a big success.