Omnichannel diagnostics service provider Redcliffe Labs has secured $42 million in Series C led by Denmark’s Investment Fund for Developing Countries (IFU) with $20 million funding for the purpose of expansion plans. Existing investor LeapFrog Investments added $15 million. The remaining came from current shareholders HealthQuad and Spark Growth Ventures.
The fresh capital is learned to be used to deepen the presence of Redcliffe in Tier-II and Tier-III cities across India. The primary focus will be on opening new labs and collection centers. The funds will also support in the expansion of its home diagnostics services and enable a wider access to healthcare in underserved or remote regions. The company has already made acquisitions in north-western India and currently is working on further growth through strategic partnerships as well as acquisitions across the country.
Redcliffe Labs has also strengthened its leadership team to enhance governance and drive sustainable growth. Ankur Shah, who previously served as chief finance and strategy officer at Careem (acquired by Uber), has joined the board as an independent director. Alka Saxena has been appointed as the new CFO and is equipped with 24 years of finance experience in healthcare.
Redcliffe Labs founder and CEO Aditya Kandoi said that their main goal is to democratize access to affordable as well as high-quality diagnostics for all Indians and especially to those who are in underserved or remote areas.
IFU investment director Emil Sierczynski emphasized the potential of Redliffe Labs to transform healthcare access in underserved communities.
Redcliffe Labs currently operates in more than 80 labs and processes diagnostics from more than 2,000 collection centers as well as home services.
