Redcliffe Labs raises USD 42 million in series C funding to strengthen pan-india diagnostic network

Redcliffe Labs, a leading omnichannel diagnostics service provider in India, has raised USD 42 million in its Series C funding round. The round was led by IFU (Investeringsfonden for Udviklingslande), Denmark’s Investment Fund for Developing Countries, contributing USD 20 million. Existing investors LeapFrog Investments committed USD 15 million, while HealthQuad and Spark Growth Ventures provided the remaining capital.

Redcliffe Labs plans to utilise the funds to expand its presence in Tier II and III cities, with a focus on opening more labs and collection centres and growing its home collection network. The company has already made strategic acquisitions in North-Western India and is pursuing further partnerships and acquisitions across the country to increase the accessibility of diagnostic services.

As part of its ongoing expansion and commitment to improving governance, Redcliffe Labs has made significant additions to its leadership team. Ankur Shah, who brings 27 years of experience, including his role as Chief Finance & Strategy Officer at Careem, has joined as an Independent Director. Alka Saxena has been appointed as CFO, bringing 24 years of finance experience, with a strong background in the healthcare sector, including roles at Health Care At Home (HCAH) and Dr. Lal Path Labs.

Commenting on the funding, Aditya Kandoi, Founder & CEO of Redcliffe Labs, stated, “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. By bringing cutting-edge diagnostics to the doorsteps of millions, we’re nurturing a healthier Bharat.”

Emil Sierczynski, Investment Director & Co-lead for India health investments at IFU, added, “We view healthcare as more than just an investment sector – it’s a fundamental pillar in our strategy to drive meaningful social impact. Redcliffe’s innovative approach to diagnostics has the potential to touch millions of lives, bringing essential health services to previously underserved communities. We’re not just investing in a company; we’re investing in a healthier, more equitable future for India.”

Biju Mohandas, Partner and Global Co-Lead for Health Investments at LeapFrog Investments, commented, “We are delighted to have helped catalyse Redcliffe Lab’s Series C round. The Indian healthcare industry, particularly the diagnostics sector, is at an inflection point, presenting growth opportunities. Redcliffe Labs stands out for its impressive growth trajectory and its commitment to customer-centricity and quality.”

Since its inception in 2018, Redcliffe Labs has grown to operate more than 80 state-of-the-art labs, with over 2,000 collection centres and home collection services spanning 220 cities across India. Powered by 1,000 phlebotomists, Redcliffe continues to expand its diagnostics network, focusing on providing quality healthcare access to all.