Get All Access for $5/mo

IFU and LeapFrog Investments Lead USD 42 Mn Series C Funding Round for Redcliffe Labs' Diagnostic Expansion With the raised funds, the Noida-based platform aims to expand into Tier II and III cities across India, opening new labs, enhancing its collection network, and increasing home collection services to provide affordable, high-quality diagnostics.

By Entrepreneur Staff

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Aditya Kandoi, Founder & CEO, Redcliffe Labs

Redcliffe Labs, an omnichannel diagnostics service provider, has announced the raising of USD 42 million in its Series C funding round.

Denmark's Investment Fund for Developing Countries (IFU) led the round with a commitment of USD 20 million, while existing investor LeapFrog Investments followed with USD 15 million. HealthQuad and Spark Growth Ventures, also existing shareholders, contributed the remaining capital.

The funds will fuel Redcliffe's ambitious expansion into Tier II and III cities across India, enhancing access to affordable, high-quality diagnostics. The company plans to open more labs, expand its collection network, and increase home collection services.

Redcliffe claims to have already made strategic acquisitions in North-Western India and is in discussions with several diagnostic chains to strengthen its market presence nationwide.

As part of its growth strategy, Redcliffe has made significant board and management appointments. Ankur Shah, former Chief Finance and Strategy Officer at Careem, joins as an Independent Director, while Alka Saxena, with extensive experience in the healthcare industry, takes on the role of CFO.

Founder and CEO of Redcliffe Labs, Aditya Kandoi, 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. By bringing cutting-edge diagnostics to the doorsteps of millions, we're nurturing a healthier Bharat," he added.

Redcliffe Labs, founded in 2018, operates in over 220 cities with more than 80 labs and 2,000 collection centers. Having served over 7 million patients, the company is well-positioned to continue its mission of delivering quality diagnostics across India.

Biju Mohandas, Partner and Global Co-Lead for Health Investments, LeapFrog Investments, said, "The Indian healthcare industry, particularly the diagnostics sector, is at an inflection point, presenting growth opportunities. Redcliffe Labs stands out in this landscape for its impressive growth trajectory and its commitment to customer-centricity and quality. Their NABL accreditation and adherence to Six Sigma practices showcase their dedication to excellence, creating a significant impact for millions of patients."

"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," Mohandas added.

Entrepreneur Staff

Entrepreneur Staff

Editor

For more than 30 years, Entrepreneur has set the course for success for millions of entrepreneurs and small business owners. We'll teach you the secrets of the winners and give you exactly what you need to lay the groundwork for success.
News and Trends

Sorich, Adloggs, and Suraasa Raise Funding to Fuel Innovation in Packaging, Delivery, and Education

The startups listed below have recently secured fresh funding to accelerate their growth and drive innovation across their respective sectors.

Branding

You Don't Need Thousands to Turn Your Business Idea Into Reality — Here's How I Did It on a College-Kid Budget

From creating the packaging designs online by myself to learning how to take professional product photos, I found ways to launch a company on a low budget. Here's how you can do it, too.

Leadership

Driving Innovation Through Calculated Risk; Key Takeaways from the Entrepreneur India Event 2024

The convene also reinforced that innovation isn't just about technology. It's about improving processes, predicting future demands and making smarter decisions with the tools already available.

Marketing

How a Single PowerPoint Raised $300 Million for This Founder

Brandtech Group CEO David Jones explains what led him to leave his executive comfort zone to build an AI-powered tech empire from scratch.

News and Trends

AI in India: Transforming Lives and Businesses for Good

While AI has its fair share of drawbacks, the emerging technology is largely used to transform lives and businesses for good