Redcliffe Labs raises $42 mn in Series C funding to expand across India
Source: Business Standard
Redcliffe Labs, an omnichannel diagnostics service provider, said that it has raised $42 million in Series C funding. IFU (Investeringsfonden for Udviklingslande), Denmark’s Investment Fund for Developing Countries, is leading 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 labs and collection centres, along with an expansion of its home collection network. The company has made acquisitions in north-western India and continues to pursue a pan-India expansion through strategic partnerships and further acquisitions.
The funding comes as Redcliffe makes key additions to its board and management. These are aligned with its aim to improve governance and drive profitable growth. Ankur Shah has joined as an independent director, bringing 27 years of experience, including his role as chief finance and strategy officer of Careem, which was acquired by Uber. Additionally, Alka Saxena has been appointed as CFO, bringing 24 years of finance experience, 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 democratise access to high-quality, affordable, accurate diagnostics for every Indian, with a particular focus on the underserved populations in Tier-II and Tier-III cities,” said Aditya Kandoi, founder and CEO, Redcliffe Labs.
Emil Sierczynski, investment director and co-lead for India health investments, IFU, stated Redcliffe’s innovative approach to diagnostics has the potential to bring essential health services to previously underserved communities.
Biju Mohandas, partner and global co-lead for health investments, LeapFrog Investments, said the Indian healthcare industry, particularly the diagnostics sector, is at an inflection point, presenting growth opportunities. “Our continued investment in Redcliffe Labs aligns perfectly with LeapFrog’s mission to support businesses that drive both financial returns and measurable social impact,” said Mohandas.
The firm owns and operates more than 80 labs, processing tests from over 2,000 collection centres and home collection services. These are supported by over 1,000 phlebotomists across 220 cities in India.
First Published: Sep 17 2024 | 6:02 PM IST
