Redcliffe Labs Raises USD 42 Million in Series C Funding to Strengthen Pan-India Diagnostic Network

• The funding round includes a USD 20 million commitment from new investor IFU) alongside existing investors LeapFrog Investments (USD 15 million), HealthQuad and Spark Growth Ventures

• Investment will drive Redcliffe’s expansion into Tier II and III cities, enhancing diagnostic accessibility across India

• Redcliffe strengthens its governance structure by appointing Ankur Shah as Independent Director and Alka Saxena as CFO

 Redcliffe Labs, a leading PAN-India omnichannel diagnostics service provider, has successfully raised USD 42 million in Series C funding. IFU (Investeringsfonden for Udviklingslande), Denmark’s Investment Fund for Developing Countries, is leading the funding round with USD 20 million, followed by existing investor LeapFrog Investments with USD 15 million. The remaining capital has been committed by existing shareholders HealthQuad and Spark Growth Ventures. This fresh injection of capital will fuel Redcliffe’s expansion plans, focusing on deepening its presence in Tier II and III cities across India.

Redcliffe is committed to delivering quality diagnostics to India and will use the funds to open more labs and collection centres along with an expansion of its home collection network. The company has successfully executed strategic acquisitions in North-Western India and continues to pursue a PAN-India expansion through strategic partnerships and further acquisitions. It is currently in advanced discussions with potential partner diagnostic chains to deepen the accessibility of quality diagnostics across India & further its market share.

The funding comes as Redcliffe makes key additions to its board and management, which are aligned with its commitment to improving governance and driving profitable growth. Ankur Shah has joined as an Independent Director, bringing 27 years of experience, including his role as Chief Finance & Strategy Officer of Careem, which was acquired by Uber. Additionally, Alka Saxena has been appointed as CFO, bringing 24 years of finance experience, including 17 years of experience working with Healthcare companies including Health Care At Home (HCAH) and Dr. Lal Path Labs in various leadership roles as CFO, Head of Finance, Controls & Assurance.

Aditya Kandoi, Founder & CEO, Redcliffe Labs, said, “Our aim is to democratise access to high-quality, affordable, accurate diagnostics for every Indian, with a particular focus on the underserved populations in Tier II and III cities. This funding round is not just a financial milestone; it’s a catalyst for transformative change in India’s healthcare landscape. With this raise, we’re poised to increase accessibility to advanced diagnostic services across the nation with a commitment to empower individuals with the knowledge and tools they need to take charge of their health. By bringing cutting-edge diagnostics to the doorsteps of millions, we’re nurturing a healthier Bharat.”

Emil Sierczynski, Investment Director & Co-lead for India health investments, IFU, stated, “We view healthcare as more than just an investment sector – it’s a fundamental pillar in our strategy to drive meaningful social impact. Redcliffe’s innovative approach to diagnostics has the potential to touch millions of lives, bringing essential health services to previously underserved communities. This aligns perfectly with our mission to support businesses that create lasting positive change. We’re not just investing in a company; we’re investing in a healthier, more equitable future for India. The ripple effects of improved healthcare access can be profound – from increased productivity to stronger communities – and we’re excited to be part of this journey with Redcliffe Labs.”

Biju Mohandas, Partner and Global Co-Lead for Health Investments, LeapFrog Investments, commented, “We are delighted to have helped catalyse Redcliffe Lab’s Series C round, bringing the company to the next stage of growth. The Indian healthcare industry, particularly the diagnostics sector, is at an inflection point, presenting growth opportunities. Redcliffe Labs stands out in this landscape for its impressive growth trajectory and its commitment to customer-centricity and quality. Their NABL accreditation and adherence to Six Sigma practices showcase their dedication to excellence, creating a significant impact for millions of patients. Redcliffe’s rapid progress also underscores the drive, resilience and quality of their team. Our continued investment in Redcliffe Labs aligns perfectly with LeapFrog’s mission to support businesses that drive both financial returns and measurable social impact. We believe Redcliffe’s model has the potential to be a blueprint for accessible, high-quality healthcare services across the country.”

Since its inception in 2018, Redcliffe Labs has rapidly grown to become one of India’s leading omnichannel diagnostics chains. The company currently owns and operates more than 80+ state-of-the-art labs, processing tests from 2,000+ collection centres & home collection services powered by 1,000+ phlebotomists across 220+ cities in India. In 2022, Redcliffe Labs completed its Series B fundraising and has since achieved remarkable growth and expanded its diagnostic network significantly. The new Series C funding round further accelerates its purpose to give India its right to quality diagnostics and drive continued innovation across India.