Redcliffe Labs bags $42M funding to expand diagnostics in Tier II, III cities
The funding was led by IFU, contributing $20 million, alongside LeapFrog Investments ($15 million) and existing investors HealthQuad and Spark Growth Ventures.
Redcliffe Labs has raised $42 million in a Series C funding round to expand its diagnostic network across India, with a focus on Tier II and III cities.
The funding was led by IFU, contributing $20 million, alongside LeapFrog Investments ($15 million) and existing investors HealthQuad and Spark Growth Ventures, the company said in a release.
The company will use the capital to drive its expansion by adding labs and collection centres, and expanding its home collection network.
“We are delighted to have helped catalyse Redcliffe Lab’s Series C round, bringing the company to the next stage of growth. The Indian healthcare industry, particularly the diagnostics sector, is at an inflection point, presenting growth opportunities. Redcliffe Labs stands out in this landscape for its impressive growth trajectory and its commitment to customer-centricity and quality," Biju Mohandas, Partner and Global Co-Lead for Health Investments, LeapFrog Investments, commented in a statement.
"Their NABL accreditation and adherence to Six Sigma practices showcase their dedication to excellence, creating a significant impact for millions of patients. Redcliffe’s rapid progress also underscores the drive, resilience and quality of their team," Mohandas added.
The company has also announced key leadership appointments, with Ankur Shah, previously Chief Finance and Strategy Officer at Careem (acquired by Uber), joining as Independent Director.
Additionally, Alka Saxena, who has worked at Health Care At Home (HCAH) and Dr Lal Path Labs in leadership roles, will join as Chief Financial Officer.
"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 III cities," Aditya Kandoi, Founder and CEO, Redcliffe Labs, said.
"Redcliffe's innovative approach to diagnostics has the potential to touch millions of lives, bringing essential health services to previously underserved communities. This aligns perfectly with our mission to support businesses that create lasting positive change," Emil Sierczynski, Investment Director and Co-lead for India Health Investments, IFU, said.