LeapFrog Investments Leads $61 Mn Series B Funding In Healthtech Startup Redcliffe

Delhi NCR-based healthtech startup Redcliffe Lifetech has raised $61 Mn in Series B funding round led by LeapFrog Investments with participation from HealthQuad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners. 

The investment will be used to expand Redcliffe’s geographic footprints across India with a focus on setting up low cost, high quality direct to consumer diagnostics into Tier 2, 3 and 4 cities.

The funding will also be used to scale its platform and widen product offerings to include radiology, disease data profiling and lifestyle management, according to the startup.

Founded in 2018 by Dheeraj Jain, Redcliffe is a diagnostic platform with omnichannel infrastructure that offers more than 3,500 various pathology and specialised tests including genetics. The startup claims the prices are affordable, almost 25-60% less than traditional competitors.

Redcliffe secured $10 Mn in Series A funding round last year. The healthtech startup has raised a total of $73 Mn in various funding rounds so far, Jain told Inc42.   

Jain has also invested in a couple of startups. In October 2021, RevFin grabbed $4 Mn (INR 30 Cr) in Pre-Series A funding (both equity and debt) round led by Jain. 

In June 2021, D2C brand Candes raised $3 Mn from various family offices of Delhi. The round was led by Anuraag and Ruchirans Jaipuria along with Lotus Group, joint MD, Nitin Passi and Dheeraj Jain.

Furthermore, Redcliffe online channels has a fleet of 400 trained phlebotomists operating in more than 100 cities with home sample collection and an offline network of 500 collection centers. 

“Preventative medicine is the future of health in India, helping to empower the average Indians with the information they need to take charge of their health and wellbeing. Redcliffe has built a one-stop diagnostic shop offering a wide selection of tests to choose from. This investment will help us achieve our goal of reaching 500 Mn+ Indians within the next five years,” said Jain. 

Redcliffe said it delivers its services in the network of 22 state-of-the-art labs across 14 cities, several of which are NABL accredited. 

It claims its digital first approach with on-demand one-hour home collection and same day report is disrupting the way diagnostics is delivered in the country.

“Its innovative and disruptive approach is transforming healthcare in the region by bringing consumers closer to the point of care and removing barriers to access,” said Biju Mohandas, partner and global co-leader for health investments at LeapFrog Investments.

Furthermore, O3 capital acted as financial advisor on the transaction. 

Meanwhile, Redcliffe competes with Bengaluru-based digital diagnostic startup 5C Network, Mumbai-based diagnostics booking app Medd, diagnostic platform JustDoc, among others. 

Gurugram-based healthtech startup Tata 1mg in March 2022 invested an undisclosed sum in Bengaluru-based digital diagnostic startup 5C Network. 

Chennai-based online pharma startup Netmeds acquired JustDoc a few years ago to add diagnostic services to its kitty in a cash-and-stock deal of nearly $1 Mn. 

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