Redcliffe Labs Raises $42 Million to Expand Healthcare Access in India

Redcliffe Labs, a leading omnichannel diagnostics service provider in India, has successfully secured USD 42 million in its Series C funding round. This substantial investment will fuel the company's ambitious expansion plans, targeting Tier II and III cities across the country.

• The funding round was led by Denmark's Investment Fund for Developing Countries (IFU), which committed USD 20 million.
• Existing investor LeapFrog Investments also participated with a USD 15 million contribution.
• HealthQuad and Spark Growth Ventures, fellow existing shareholders, provided the remaining capital.

Expanding Healthcare Access in Tier II and III Cities in India

This significant investment will empower Redcliffe Labs to enhance accessibility to affordable and high-quality diagnostics in India. The company intends to utilize the funds for the following key initiatives:

• Establishment of new labs in Tier II and III cities across India.
• Expansion of its existing collection network to reach a wider population.
• Increased focus on home collection services, providing convenient access to diagnostics.

Redcliffe Labs' Strategic Acquisitions and Partnerships in India

Redcliffe Labs has already taken strategic steps to strengthen its presence in India's healthcare market. The company has completed acquisitions in North-Western India and is actively engaged in discussions with several diagnostic chains across the country to further expand its reach.

Strengthening Redcliffe Labs' Leadership Team in India

To support its growth trajectory, Redcliffe Labs has made significant appointments to its board and management team. These strategic additions bring a wealth of experience and expertise to the company.

• Ankur Shah, former Chief Finance and Strategy Officer at Careem, joins as an Independent Director, contributing his expertise in financial management and strategic planning.
• Alka Saxena, a veteran in the healthcare industry, assumes the role of CFO, bringing her extensive experience in financial management and operations to the table.

LeapFrog Investments' Continued Support for Redcliffe Labs' Growth in India

LeapFrog Investments, a leading investor in businesses that deliver both financial returns and social impact, highlighted its commitment to Redcliffe Labs' vision.

• Biju Mohandas, Partner and Global Co-Lead for Health Investments at LeapFrog Investments, expressed his confidence in Redcliffe Labs' growth trajectory and its customer-centric approach to quality diagnostics.
• Mohandas emphasized that Redcliffe Labs' NABL accreditation and adherence to Six Sigma practices demonstrate its dedication to excellence, making a tangible difference in the lives of millions of patients in India.
• LeapFrog Investments believes that Redcliffe Labs' model has the potential to become a blueprint for accessible and high-quality healthcare services across India.

Redcliffe Labs' Vision for a Healthier India

Redcliffe Labs, founded in 2018, is rapidly expanding its footprint in India. The company currently operates in over 220 cities, with more than 80 labs and 2,000 collection centers. Having served over 7 million patients, Redcliffe Labs is poised to continue its mission of delivering quality diagnostics across India.

• Aditya Kandoi, Founder and CEO of Redcliffe Labs, emphasized the company's commitment to democratizing access to high-quality, affordable, and accurate diagnostics for all Indians, particularly those in underserved populations in Tier II and III cities.
• Kandoi stressed that the funding is not just a financial milestone, but a catalyst for transformative change in India's healthcare landscape.
• Redcliffe Labs aims to empower individuals with the knowledge and tools to take charge of their health by bringing cutting-edge diagnostics closer to millions of people across India.

Redcliffe Labs' Impact on India's Healthcare Landscape

Redcliffe Labs' commitment to expanding access to affordable diagnostics in India is a testament to its dedication to improving healthcare outcomes for millions of people. With its focus on innovation, customer-centricity, and social impact, Redcliffe Labs is well-positioned to play a pivotal role in shaping India's healthcare future.