Redcliffe Labs Raises $42 Million for India Expansion
Redcliffe Labs, a diagnostics service provider, raised $42 million in Series C funding. The Investment Fund for Developing Countries (IFU) from Denmark contributed $20 million. LeapFrog Investments added $15 million. The rest came from HealthQuad and Spark Growth Ventures.
Redcliffe will use the funds to grow in Tier-II and Tier-III cities in India. The company plans to open more labs and collection centres. It will also expand its home collection services. Redcliffe has already bought companies in north-western India. The company plans to partner with more businesses as it grows across the country.
“We want to offer affordable and high-quality diagnostics to all Indians,” said Aditya Kandoi, CEO of Redcliffe Labs. He said the funds will help improve healthcare in rural areas and smaller cities.
Redcliffe has strengthened its leadership team. Ankur Shah, a finance expert who worked at Careem, is now an independent director. Careem is now part of Uber. Alka Saxena is the new Chief Financial Officer (CFO). She has 24 years of experience in finance and has worked with companies like Health Care At Home and Dr. Lal Path Labs.
Emil Sierczynski, IFU’s investment director, praised Redcliffe’s approach. He said the company can provide important health services to areas that need them. Biju Mohandas, a leader at LeapFrog Investments, agreed. He said diagnostics in India is growing fast and offers big opportunities. LeapFrog continues to invest in Redcliffe because it supports companies that focus on both profits and social impact.
Redcliffe currently operates more than 80 labs. It processes tests from over 2,000 collection centres. The company also offers home collection services. Its network covers 220 cities and has more than 1,000 phlebotomists. Redcliffe is a key player in India’s growing diagnostics sector.