Redcliffe Labs Secures $42 Mn in Series C Funding

The funding was led by Denmark’s IFU, which contributed $20 million, followed by LeapFrog Investments, which contributed $15 million.

Redcliffe Labs, a leading diagnostic service provider, has raised $42 million in a Series C funding round, signaling its intent to expand significantly across India. 

The funding was led by Denmark’s Investment Fund for Developing Countries (IFU), which contributed $20 million, followed by LeapFrog Investments, which contributed $15 million. Existing investors HealthQuad and Spark Growth Ventures also participated in the round.

The funds will broaden the company’s footprint by establishing more labs and collection centers, focusing on tier II and III cities. 

In addition, Redcliffe Labs aims to enhance its home collection services and continue strategic acquisitions nationwide. The company is discussing with diagnostic chains to deepen its market presence and ensure broader access to affordable healthcare.

Aditya Kandoi, Founder and CEO of Redcliffe Labs, highlighted the company’s focus on democratizing healthcare access in India, particularly in underserved areas. 

"We aim to democratize 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 nationwide," he said.

Latest Appointments

With the fresh capital injection, Redcliffe Labs is set to accelerate its nationwide expansion, particularly in underserved regions of North-Western India. 

The company has successfully executed key acquisitions in this area and is eyeing further growth through partnerships and acquisitions nationwide.

In parallel with its financial growth, the organization is strengthening its leadership. Ankur Shah, who previously served as Chief Finance and Strategy Officer at Careem (acquired by Uber), has joined the board as an Independent Director. 

Alka Saxena has also been appointed Chief Financial Officer (CFO). Saxena brings over two decades of experience in finance, including leadership roles at Health Care At Home (HCAH) and Dr Lal Path Labs.

Emil Sierczynski, Investment Director and Co-lead for India Health Investments at IFU commented, "We view healthcare as more than just an investment sector – a fundamental pillar in our strategy to drive meaningful social impact. 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."

LeapFrog Investments, which was involved with Redcliffe Labs in earlier funding rounds, reiterated its support for its mission.