The Series C funding round, led by the Danish Investment Fund for Developing Countries (IFU), also saw participation from existing investors LeapFrog Investments, HealthQuad and Spark Growth Ventures
Redcliffe plans to use the fresh funds to expand its diagnostics network in tier II and III cities across India, set up more labs & collection centres
Founded in 2018, Redcliffe Labs is an omnichannel diagnostic platform offering over 3600 pathology tests, genetic screening and DNA-tests in reproductive health, cancer and wellness
Delhi NCR-based healthtech startup Redcliffe Labs has raised $42 Mn (about INR 351.7 Cr) in its Series C funding round led by the Danish Investment Fund for Developing Countries (IFU).
The round also saw participation from existing investors LeapFrog Investments, HealthQuad and Spark Growth Ventures.
The fresh capital will be deployed to further Redcliffe’s expansion plans and deepen its presence in tier II and III cities across India, the company said in a statement. Redcliffe has also appointed former Dr. Lal Path Labs executive Alka Saxena as its new chief financial officer.
Founded in 2018 by Aditya Kandoi and Dheeraj Jain, Redcliffe Labs is an omnichannel diagnostic platform offering over 3600 pathology tests, genetic screening and DNA-tests in reproductive health, cancer and wellness.
Redcliffe, which last raised $61 Mn in Series B funding round led by LeapFrog Investments in May 2022, currently runs over 80 labs and more than 2,000 collection centres. It has a fleet of over 1000 trained phlebotomists operating across more than 220 cities for home sample collection, same day report and 45-minutes testings.
“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,” Redcliffe CEO and founder Aditya Kandoi said.
Redcliffe plans to utilise the fresh funds to set up more labs & collection centres and expand its home collection network. Additionally, the company said it is in advanced talks for strategic acquisitions in diagnostic chains to increase its market share.
The startup competes with unicorns Tata 1mg and Molbio Diagnostics, as well as emerging players MapMyGenome, Positive Bioscience, and GenX Diagnostics in India’s healthtech market, which is projected to reach a size of $21.3 Bn by 2025, according to Inc42 data.
Amid growing demand for affordable healthcare services in the post-Covid world, fast-paced technological innovations and favourable government initiatives and policies, healthtech startups in India are witnessing a surge in investor interest.
For instance, earlier this month, healthcare services provider Lifetime Health reportedly secured $1.5 Mn as a part of its seed funding round led by The Garage Syndicate. Prior to that, Healthcare startup Icanheal raised INR 15 Cr in a seed funding round led by IvyCap Ventures.
