Redcliffe Labs, an omnichannel diagnostics service provider, has secured $42 million in a Series C funding round. IFU, an investment firm based in Denmark, led the round, contributing $20 million.
LeapFrog, an existing investor, contributed $15 million, while HealthQuad and Spark Growth Ventures, shareholders, contributed the remaining capital.
This new funding is in addition to the company’s previous financing, which included $61 million in its Series B in May 2022 and $10 million in its Series A in April 2021. The company is headquartered in Noida. Schroders, LC Nueva, Chiratae Ventures, and Alkemi Venture Partners are additional notable investors.
The additional capital will be used to support Redcliffe’s expansion strategies, with a particular emphasis on the establishment of a stronger presence in tier II and III cities throughout India. According to a press release, the organization intends to establish additional laboratories and collection centers, as well as broaden its house collection network.
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Redcliffe has made strategic acquisitions in North-Western India and is currently engaged in the pursuit of pan-Indian expansion through partnerships and additional acquisitions.
Redcliffe has enhanced its leadership in addition to its financial expansion. Ankur Shah, who served as the chief finance and strategy officer of Careem (which was acquired by Uber), has been appointed as an independent director. Alka Saxena, who was previously employed at Health Care at Home and Dr. Lal PathLabs, has been appointed as the company’s chief financial officer.
About Redcliffe Labs
Founded in 2018 by Dheeraj Jain, Redcliffe Labs is India’s fastest-growing omnichannel Pan India diagnostic network, revolutionizing the diagnostic domain with its comprehensive portfolio approach.
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