Funding · Healthcare & Life Sciences

Redcliffe Labs raises $42M in Series C funding

By Startup Enthusiast · 17 September 2024

What they do

Redcliffe Labs is an omnichannel diagnostics service provider with 80+ labs and 2,000+ collection centres

It raised $42M in Series C funding led by IFU, with participation from LeapFrog Investments, HealthQuad and Spark Growth Ventures

The company plans to expand into Tier-II and Tier-III cities and pursue pan-India growth through acquisitions and partnerships

Redcliffe Labs raised $42M in Series C funding.
The round was led by IFU (Denmark's Investment Fund for Developing Countries) with $20M.
Existing investor LeapFrog Investments contributed $15M.
Other existing shareholders HealthQuad and Spark Growth Ventures provided the remaining capital.
The company will use the funds to open more labs and collection centres and expand its home collection network.
It aims to deepen its presence in Tier-II and Tier-III cities across India.
Redcliffe Labs is pursuing pan-India expansion through strategic partnerships and further acquisitions.
The company has already made acquisitions in north-western India.

The Indian diagnostics sector is at an inflection point with significant growth opportunities.
Redcliffe Labs aims to democratise access to affordable, accurate diagnostics for every Indian, especially underserved populations.
The company's operating revenue grew 2.6x to Rs 347 crore in FY23, though losses widened to Rs 345.6 crore.
This funding follows a $61M Series B round in May 2022 and a $10M Series A in April 2021.

Redcliffe Labs is an omnichannel diagnostics service provider offering health checkup packages, individual tests, smart reports with colour-coded insights, expert consultation, AI assistance and diet plans.
It operates 80+ labs, 2,000+ collection centres and provides home collection services with over 1,000 phlebotomists.
The company serves 220+ cities across India and has served over 7 million patients.
It has launched Femcliffe, India's first she-centric diagnostic platform, and GeneCliffe for DNA, chromosome and protein testing.
Redcliffe Labs holds NABL accreditation and follows Six Sigma practices.

Open more labs and collection centres.
Expand home collection network.
Deepen presence in Tier-II and Tier-III cities.
Pursue pan-India expansion through strategic partnerships and further acquisitions.

IFU (Denmark's Investment Fund for Developing Countries) (lead) — Denmark's development finance institution investing in private companies in developing countries.
LeapFrog Investments (existing) — A global impact investor focused on healthcare and financial services in emerging markets.
HealthQuad (existing) — A healthcare-focused venture capital fund.
Spark Growth Ventures (existing) — An early-stage venture capital firm.