Redcliffe Labs Raises $42 Mn In Series C Round

Redcliffe Labs, a diagnostics service provider, has raised USD 42 million in Series C funding. IFU (Investeringsfonden for Udviklingslande), Denmark’s Investment Fund for Developing Countries, is leading the funding round with USD 20 million, followed by existing investor LeapFrog Investments with USD 15 million. 

The remaining capital has been committed by existing shareholders HealthQuad and Spark Growth Ventures. This fresh injection of capital will fuel Redcliffe's expansion plans, focusing on deepening its presence in Tier II and III cities across India.

Redcliffe will use the funds to open more labs and collection centres along with an expansion of its home collection network. The company has successfully executed strategic acquisitions in North-Western India and continues to pursue a PAN-India expansion through strategic partnerships and further acquisitions. It is currently in advanced discussions with potential partner diagnostic chains to deepen the accessibility of quality diagnostics across India & further its market share.

The funding comes as Redcliffe makes key additions to its board and management, which are aligned with its commitment to improving governance and driving profitable growth. 

Ankur Shah has joined as an Independent Director, bringing 27 years of experience, including his role as Chief Finance & Strategy Officer of Careem, which was acquired by Uber. Additionally, Alka Saxena has been appointed as CFO, bringing 24 years of finance experience, including 17 years of experience working with Healthcare companies including Health Care At Home (HCAH) and Dr. Lal Path Labs in various leadership roles as CFO, Head of Finance, Controls & Assurance.

Aditya Kandoi, Founder and CEO, Redcliffe Labs, said, “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. This funding round is not just a financial milestone; it's a catalyst for transformative change in India's healthcare landscape. With this raise, we're poised to increase accessibility to advanced diagnostic services across the nation with a commitment to empower individuals with the knowledge and tools they need to take charge of their health. By bringing cutting-edge diagnostics to the doorsteps of millions, we're nurturing a healthier Bharat.”

Emil Sierczynski, Investment Director and Co-lead for India health investments, IFU, stated, “We view healthcare as more than just an investment sector – it's a fundamental pillar in our strategy to drive meaningful social impact. 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. We're not just investing in a company; we're investing in a healthier, more equitable future for India. The ripple effects of improved healthcare access can be profound – from increased productivity to stronger communities – and we're excited to be part of this journey with Redcliffe Labs.”