Redcliffe Labs, a omnichannnel diagnostics provider, has invested in Bengaluru-based integrated diagnostic chain, Celara Diagnostics, in its first strategic investment following the recent Series C fundig round of $42 million from IFU (Denmark’s Investment Fund for Developing Countries), LeapFrog Investments, HealthQuad, and Spark Growth Ventures.
The board of Redcliffe Labs has approved a resolution to acquire shares of Celara Diagnostics Pvt Ltd for an amount not exceeding ₹60 crore ($7 million).
Wodehouse Capital Advisors was the exclusive financial advisor to Celara Diagnostics and adds yet another transaction in the “Diagnostic & Pathology” vertical of its Healthcare practice.
Redcliffe Labs owns and operates more than 80 labs, processing tests from over 2,000 collection centers and home collection services. These are supported by over 1,000 phlebotomists across 220 cities in India. The company shared that it intends to use the recently raised funds to open more labs and collection centers, along with an expansion of its home collection network.
The company had, in the past, made acquisitions in north-western India and continues to pursue a Pan-India expansion through strategic partnerships and such strategic investments.
Earlier this year, Redcliffe Labs-owned Medicentre completed the acquisition of Kota-based Prime Sonography & Diagnostic Centre for an undisclosed amount, further showcasing its aggressive growth and expansion plans within the diagnostics space.
In March 2023, Redcliffe Labs acquired Udaipur-based Medicentre Sonography & Clinical Lab.
Founded in 2018 by Dheeraj Jain, Redcliffe employs over 3,500 people and offers diagnostic services through a network of 80 labs, with sample collection available in over 220 cities.
Celara Diagnostics, founded by Dr. Radhesh S. and Dr. Rekha Radhesh, is a Bengaluru-based state-of-the-art 20,000 sq.ft.+ medical diagnostic chain providing services in the areas of Hi-end Radiology and Pathology, with consultative super specialty services covering Neurology, Cardiology, Pulmonology, etc. The medical expertise and network of Celara Diagnostics provides Redcliffe with significant synergies to enter the Southern market, especially Bengaluru.
In addition to the acquisition, Redcliffe Labs has strengthened its leadership team by appointing Ankur Shah, former CFO of Careem, as an independent director, and Alka Saxena, who has previously worked with Health Care at Home and Dr. Lal PathLabs, as its new CFO.
The company competes with other similar industry stalwarts such as PharmEasy-owned Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs.
