Omnichannel diagnostics service provider Redcliffe Labs has successfully raised $42 million in a Series C funding round. The round was led by Denmark-based investment firm IFU, which contributed $20 million, while existing investor LeapFrog added $15 million. The remaining capital came from shareholders HealthQuad and Spark Growth Ventures.
This latest funding round follows Redcliffe Labs’ previous capital raises, including $61 million in its Series B round in May 2022 and $10 million in its Series A in April 2021. Other notable backers include Schroders, LC Nueva, Chiratae Ventures, and Alkemi Venture Partners.
The newly raised funds will support Redcliffe Labs’ expansion efforts, particularly in tier II and III cities across India. The company aims to increase its footprint by opening more laboratories and collection centers while expanding its home collection network. According to a press release, this expansion will help the Noida-based company deepen its presence and make diagnostics services more accessible in underserved regions.
Redcliffe has already undertaken strategic acquisitions in North-Western India and is actively pursuing further growth through partnerships and additional acquisitions. The company plans to use these strategies to enhance its reach across the country.
Alongside its financial milestones, Redcliffe Labs has been strengthening its leadership team. Ankur Shah, the former Chief Finance and Strategy Officer at Careem (acquired by Uber), has joined as an independent director. Additionally, Alka Saxena, with experience at Health Care at Home and Dr. Lal PathLabs, has been appointed as the company’s CFO.
Currently, Redcliffe Labs offers services in more than 220 cities across India, supported by a network of 80 labs, over 2,000 collection centers, and extensive home collection services. The company claims to have served over 7 million patients across tier I, II, and III cities.
In terms of financial performance, Redcliffe Labs’ operating revenue surged 2.6 times to Rs 347 crore in FY23, compared to Rs 130 crore in FY22. However, the company’s losses also increased significantly, rising fivefold to Rs 345.6 crore from Rs 67.7 crore during the same period.
Redcliffe Labs competes with established players in the diagnostics space, including PharmEasy-owned Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs. The company aims to leverage its new funding and strategic initiatives to strengthen its position in the rapidly growing diagnostics market in India.
