[Funding alert] Diagnostics platform Redcliffe Lifetech raises $61M led by LeapFrog Investments
Diagnostics platform Redcliffe Lifetech will use the funds to expand its geographic reach into Tier II-IV cities across India to provide quality, affordable, and essential services to emerging consumers.
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New Delhi-based on Friday said it raised $61 million led by LeapFrog Investments (LeapFrog).
Other investors, including Healthquad, Schroders, LC Nueva, and Growth Spark Ventures, and existing investors Chiratae Ventures and Alkemi Venture Partners, also participated in the round.
The diagnostic platform will use the funds to expand its low-cost but high-quality direct-to-consumer diagnostics into Tier-II, III, and IV cities, which will provide affordable, rapid, and convenient pathology services in millions of households.
In a bid to shift India’s healthcare focus from treatment to early diagnosis and prevention, Redcliffe will also use the capital to scale its platform and increase its product offerings to radiology, disease data profiling, and lifestyle management.
“This investment will help us scale rapidly to achieve our goal to reach 500 million+ Indians within the next five years,” said Dheeraj Jain, Founder of Redcliffe Lifetech.
“Redcliffe’s vision of shifting healthcare from treating the sick to enabling wellness will have profound implications for millions. We’re thrilled to be partnering with Dheeraj and his management team to further scale their reach across India,” added Biju Mohandas, Partner and Global Co-leader for Health Investments, LeapFrog Investments.
Redcliffe delivers diagnostics services in 22 state-of-the-art labs across 14 cities.
Its unique omnichannel infrastructure — which combines an online channel with a fleet of 400 phlebotomists operating in 100+ cities with home sample collection and an offline network of 500 collection centres — enables the company to offer over 3,500 different pathology and specialised tests, including genetics at affordable prices around 25-60 percent less than traditional competitors.
“Redcliffe has built a proprietary technology platform for outstanding consumer experience also enabling scaling of its operations at their labs, fulfilment, and overall CRM. It has also piloted drone technology across its supply chain to reach consumers living in smaller cities, semi-urban, and remote areas that are often difficult to reach with existing infrastructure. Redcliffe has also co-developed a first-of-its-kind, live remote temperature tracking to monitor the samples collected by phlebotomists and ensure they maintain adequate temperature to meet quality and safety standards,” said Ranjith Menon, Partner, Chiratae Ventures.
Redcliffe’s affordable diagnostics claims to help reduce the burden of non-communicable diseases (NCDs), including heart disease, cancer, and diabetes, which kills over six million Indians each year.
Edited by Suman Singh