IFU and LeapFrog Investments Lead USD 42 Mn Series C Funding Round for Redcliffe Labs' Diagnostic Expansion With the raised funds, the Noida-based platform aims to expand into Tier II and III cities across India, opening new labs, enhancing its collection network, and increasing home collection services to provide affordable, high-quality diagnostics.
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Redcliffe Labs, an omnichannel diagnostics service provider, has announced the raising of USD 42 million in its Series C funding round.
Denmark's Investment Fund for Developing Countries (IFU) led the round with a commitment of USD 20 million, while existing investor LeapFrog Investments followed with USD 15 million. HealthQuad and Spark Growth Ventures, also existing shareholders, contributed the remaining capital.
The funds will fuel Redcliffe's ambitious expansion into Tier II and III cities across India, enhancing access to affordable, high-quality diagnostics. The company plans to open more labs, expand its collection network, and increase home collection services.
Redcliffe claims to have already made strategic acquisitions in North-Western India and is in discussions with several diagnostic chains to strengthen its market presence nationwide.
As part of its growth strategy, Redcliffe has made significant board and management appointments. Ankur Shah, former Chief Finance and Strategy Officer at Careem, joins as an Independent Director, while Alka Saxena, with extensive experience in the healthcare industry, takes on the role of CFO.
Founder and CEO of Redcliffe Labs, Aditya Kandoi, 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," he added.
Redcliffe Labs, founded in 2018, operates in over 220 cities with more than 80 labs and 2,000 collection centers. Having served over 7 million patients, the company is well-positioned to continue its mission of delivering quality diagnostics across India.
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. Redcliffe Labs stands out in this landscape for its impressive growth trajectory and its commitment to customer-centricity and quality. Their NABL accreditation and adherence to Six Sigma practices showcase their dedication to excellence, creating a significant impact for millions of patients."
"Our continued investment in Redcliffe Labs aligns perfectly with LeapFrog's mission to support businesses that drive both financial returns and measurable social impact. We believe Redcliffe's model has the potential to be a blueprint for accessible, high-quality healthcare services across the country," Mohandas added.
