Redcliffe Labs, an omnichannel diagnostics service provider, has raised $42 million in Series C funding led by Denmark’s Investment Fund for Developing Countries (IFU) with a $20 million contribution to expand its health services across Tier-II and Tier-III cities.
Existing investors LeapFrog Investments added $15 million. The remaining funds came from HealthQuad and Spark Growth Ventures.
Redcliffe Labs plans to strengthen its presence in Tier-II and Tier-III cities across India with the new capital. The funds will support opening more lab collection centers and expanding its home collection network. The company has already made strategic acquisitions in north-western India. It aims for further pan-India expansion through partnerships and more acquisitions.
“Our aim is to democratize access to high-quality, affordable, accurate diagnostics for every Indian, focusing on the underserved populations in Tier-II and Tier-III cities,” said Aditya Kandoi, founder and CEO of Redcliffe Labs.
Redcliffe Labs’ Leadership Strengthening
As part of its growth strategy, Redcliffe has bolstered its leadership team. Ankur Shah, former chief finance and strategy officer at Careem (acquired by Uber), has joined as an independent director. Additionally, Alka Saxena, with 17 years of experience in the healthcare sector, has been appointed CFO.
Redcliffe Labs currently operates in over 220 cities across India, supported by 80 labs and more than 2,000 collection centers. It has served over 7 million patients. In FY23, the company’s revenue surged 2.6 times to INR 347 crore, up from INR 130 crore in FY22. However, its losses also increased fivefold, reaching INR 345.6 crore.
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,” he added.
Redcliffe Labs continues to compete with major players like Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs. Emil Sierczynski of IFU highlighted that Redcliffe’s innovative approach to diagnostics will enhance access to essential health services in underserved communities.
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