Health-tech platform Redcliffe Lifetech has raised $61 million in its Series B funding round from LeapFrog Investments.
The round also saw participation from existing investors Chiratae Ventures and Alkemi Venture Partners, and new angel investors like Healthquad, Schroders, LC Nueva, Growth Spark Ventures.
The startup plans to use the funds to expand its geographic reach in Tier II and III cities.
Noida-based Redcliffe Lifetech was founded in 2018 by Aditya Kandoi, Ashish Dubey and Dheeraj Jain, The platform specializes in reproductive health testing, genetic diagnosis of rare diseases and cancers.
The company has a network of 22 labs in 14 cities across the country.
It also has a team of leading opinion leaders in the pathology field who oversee operations and quality.
“Funding will also be used to scale Redcliffe’s platform and increase its product offerings to radiology, disease data profiling, and lifestyle management”, said, Dheeraj Jain, founder of Redcliffe Lifetech.
“The company’s current annual revenue run rate is approximately $55-$60 million.We expect to reach $100 million by September 2022,” he said.
The startup has a fleet of 400 phlebotomists working in over 100 cities with in-house sample collection and an offline network of 500 collection centers.
The health-tech startup says it offers these services at 25-60% lower cost than traditional competitors. With a population of around 1.4 billion, 65 percent of India’s population still lives in rural areas and access to care remains a challenge.
The company also said that this increased convenience and cost-effective approach will enable consumers to be tested more frequently, reducing the health burden on homes to encourage more healthy behavior and ultimately prevent disease early.
“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”, said, Biju Mohandas, partner, and global co-leader for health investments at LeapFrog Investments.
“Preventive medicine will help empower the average Indian with the information needed to take charge of his/her health and wellbeing. This investment will help us scale rapidly to achieve our goal to reach 500M+ Indians within the next five years”, Jain added.
“Redcliffe works at the intersection of health and technology, developing solutions that address persistent challenges in the Indian market. It has built a proprietary technology platform. It has also piloted drone technology across its supply chain to reach consumers living in smaller cities, semi-urban and remote areas that are often difficult to reach with existing infrastructure,” said, Ranjith Menon, Partner, Chiratae Ventures.
RedcliffeLifetech had raised $10 million in its Series A funding round in 2021.
About Redcliffe Lifetech
Redcliffe Labs (unit of US-based Redcliffe Lifetech Inc) is India’s fastest growing diagnostics service provider having its home sample collection service in more than 120+ cities with 20+ labs across India. It aims to make Health tests accessible to all Indians through a perfect fusion of technology and a network of world-class & state of the art own labs and collection centers.
Redcliffe Labs provides diagnostics with a comprehensive portfolio approach both with routine and specialized test menus & advanced testing labs all over India. Its digital-first approach with on-demand 1 hour home collection and same-day reports is disrupting the way diagnostics is delivered today.