Omnichannel diagnostics service provider Redcliffe Labs raised $42 M Series C funding
Redcliffe Labs, a provider of omnichannel diagnostics services, has raised $42 million in a Series C funding round, with $20 million contributed by Danish investment firm IFU. LeapFrog, an existing investor, contributed an additional $15 million, with the remaining funds coming from Spark Growth Ventures and HealthQuad, two shareholders.
The Noida-based company has previously raised $10 million in Series A funding in April 2021 and $61 million in Series B funding in May 2022. This new funding round comes after those previous rounds. Schroders, LC Nueva, Chiratae Ventures, and Alkemi Venture Partners are a few other well-known investors.
Redcliffe’s expansion plans will be bolstered by the additional capital, especially with regard to strengthening its position in India’s tier II and III cities. According to a press release, the company intends to open more labs and collection centers in addition to growing its network of home collection locations.
Redcliffe is pursuing PAN-India expansion through partnerships and additional acquisitions, having already completed strategic acquisitions in North-Western India.
Redcliffe has grown financially as well as in terms of leadership. Ankur Shah has joined as an independent director. Careem was acquired by Uber, and Shah was previously its chief financial and strategic officer. Alka Saxena, who was previously employed by Dr. Lal PathLabs and Health Care at Home, has been named CFO.
Through a network of 80 labs, more than 2,000 collection centers, and home collection services, Redcliffe Labs’ services are currently offered in more than 220 cities throughout India. In tier I, II, and III cities, the company claims to have served over 7 million patients.
From Rs 130 crore in FY22 to Rs 347 crore in FY23, Redcliffe Labs’ operating revenue increased by 2.6 times. In the same time frame, the company’s losses increased fivefold, from Rs 67.7 crore to Rs 345.6 crore.
Notable competitors include Thyrocare, which is owned by PharmEasy, Healthians, 1mg, and Dr. Lal PathLabs.
