Redcliffe Labs, a PAN-India omnichannel diagnostics provider, has successfully raised $42 million in Series C funding. IFU (Investeringsfonden for Udviklingslande), Denmark’s Investment Fund for Developing Countries, is leading the funding round with $20 million, followed by existing investor LeapFrog Investments with $15 million.
The remaining capital has been committed by existing shareholders HealthQuad and Spark Growth Ventures.
This fresh injection of capital will fuel the company’s expansion plans, focusing on deepening its presence in tier II and III cities across India.
The organisation will use the funds to open more labs and collection centres along with an expansion of its home collection network.
The company has successfully executed strategic acquisitions in North-Western India and continues to pursue a PAN-India expansion through strategic partnerships and further acquisitions. It is currently in advanced discussions with potential partner diagnostic chains to deepen the accessibility of quality diagnostics across India & further its market share.
The funding comes as the company makes key additions to its board and management, which are aligned with its commitment to improving governance and driving profitable growth.
Ankur Shah has joined as an Independent Director, bringing 27 years of experience, including his role as Chief Finance & Strategy Officer of Careem, which was acquired by Uber. Additionally, Alka Saxena has been appointed as CFO, bringing 24 years of finance experience, including 17 years of experience working with healthcare companies including Health Care At Home (HCAH) and Dr Lal Path Labs in various leadership roles as CFO, Head of Finance, Controls & Assurance.
Aditya Kandoi, Founder & CEO, Redcliffe Labs, 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.”
Emil Sierczynski, Investment Director & Co-lead for India Health Investments, IFU, stated, “We view healthcare as more than just an investment sector – it’s 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.”
Biju Mohandas, Partner and Global Co-Lead for Health Investments, LeapFrog Investments, commented, “We are delighted to have helped catalyse Redcliffe Lab’s Series C round, bringing the company to the next stage of growth. The Indian healthcare industry, particularly the diagnostics sector, is at an inflection point, presenting growth opportunities. 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.”
Since its inception in 2018, Redcliffe Labs has grown to operate more than 80 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.
Redcliffe Labs continues to compete with major players like Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs.
