Redcliffe Lifetech Raises $61 Million
The funds will be used to expand Redcliffe's geographic reach into tier II-IV cities across India
Redcliffe Lifetech (Redcliffe), a diagnostics platform, has raised $61 million led by LeapFrog Investments (LeapFrog), with participation from Healthquad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners.
The investment will be used to expand Redcliffe’s geographic reach across India, with a focus on expanding its low-cost but high quality direct to consumer diagnostics into tier II, III and IV cities, providing affordable, rapid and convenient pathology services. Funding will also be used to scale Redcliffe’s platform and increase its product offerings to radiology, disease data profiling and lifestyle management, furthering its mission to shift India’s healthcare focus from treatment to early diagnosis and prevention.
“Preventative medicine is the future of health in India, helping to empower the average Indian with the information they need to take charge of their health and wellbeing. Redcliffe has built a one-stop diagnostic shop offering a very wide selection of tests to choose from and delivering care closer to the customer. This investment will help us scale rapidly to achieve our goal to reach 500 million-plus within the next five years,” said Dheeraj Jain, founder of Redcliffe Lifetech.
“Redcliffe is an exemplar of LeapFrog’s focus on digital-led and asset-light business models that enable access to essential healthcare services to emerging consumers. Its innovative and disruptive approach is transforming healthcare in the region by bringing consumers closer to the point of care and removing barriers to access. Furthermore, Redcliffe’s vision of shifting healthcare from treating the sick to enabling wellness will have profound implications for millions,” said Biju Mohandas, partner and global co-leader for health investments at LeapFrog Investments.
With a population of nearly 1.4 billion, 65 per cent of India’s population still lives in rural areas, and access to care is an ongoing challenge. This increased convenience and the cost-effective approach enables consumers to undergo tests more frequently, encouraging more healthy behavior and leading to early detection of disease to ultimately reduce the health burden on households. Redcliffe’s affordable diagnostics are helping to reduce the burden of non-communicable diseases (NCDs), such as heart disease, cancer and diabetes, which currently kill over 6 million Indians each year.