Redcliffe Labs, an omnichannel diagnostic services provider, said it has raised $42 million in Series C funding. IFU (Investeringsfonden for Udviklingslande), Denmark’s Investment Fund for Developing Countries, leads the funding round with $20 million, followed by existing investor LeapFrog Investments with $15 million. The remaining capital has been committed by existing shareholders HealthQuad and Spark Growth Ventures. This capital will fuel Redcliffe’s expansion plans, focusing on deepening its presence in Tier II and Tier III cities across India.
Redcliffe will use the funds to open more laboratories and collection centres, as well as expand its home collection network. The company has made acquisitions in North West India and continues to pursue expansion across India through strategic partnerships and further acquisitions.
The funding comes as Redcliffe adds key new members to its board and management team, in line with its focus on improving governance and driving profitable growth. Ankur Shah has joined as an independent director, bringing 27 years of experience, including his role as CFO and CTO of Careem, which was acquired by Uber. Additionally, Alka Saxena has been appointed as CFO, bringing 24 years of experience in finance, including 17 years of experience working with healthcare companies such as Health Care At Home (HCAH) and Dr. Lal Path Labs in various leadership roles.
“Our aim is to democratize access to accurate, affordable and high-quality diagnostics for all Indians, with a particular focus on underserved populations in Tier II and Tier III cities,” said Aditya Kandoi, Founder and CEO, Redcliffe Labs.
Emil Sierczynski, Chief Investment Officer and Co-Head of Healthcare Investments in India, IFU, said Redcliffe’s innovative approach to diagnostics has the potential to bring essential healthcare services to previously underserved communities.
Biju Mohandas, Partner and Global Co-Head of Healthcare Investments at LeapFrog Investments, said that India’s healthcare industry, particularly the diagnostics sector, is at an inflection point that presents growth opportunities. “Our continued investment in Redcliffe Labs aligns perfectly with LeapFrog’s mission to support companies that generate financial returns and measurable social impact,” said Mohandas.
The company owns and operates over 80 laboratories, which process tests from over 2,000 collection centers and doorstep collection services. These services are supported by over 1,000 phlebotomists across 220 cities in India.
First published: September 17, 2024 | 18:02 IS
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