Pan-India omnichannel diagnostics service provider Redcliffe Labs has raised $42 million in Series C funding.
IFU (Investeringsfonden for Udviklingslande), Denmark’s Investment Fund for Developing Countries, is leading the funding round with $20 million, followed by existing investor LeapFrog Investments with $15 million. HealthQuad and Spark Growth Ventures also particpated in this round.
This new funds will be deployed to fuel Redcliffe’s expansion plans, focusing on deepening its presence in Tier II and III cities across India. The company 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 the company makes key additions to its board and management, as 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.
Currently, Redcliffe Labs’ services are available in more than 220 cities across India through a network of 80 labs, over 2,000 collection centers, and home collection services. The company claims to have served more than 7 million patients across tier I, II, and III cities.
“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,” said Aditya Kandoi, Founder & CEO, Redcliffe Labs.