Noida, India-based diagnostics startup Redcliffe Lifetech raised USD 61 million in its Series B funding. The round took place on May 05, 2022. LeapFrog Investments led the financing for Redcliffe Lifetech.
Meanwhile, Healthquad, Schroders, LC Nueva, and Growth Spark Ventures invested in the Series B funding. The round also saw participation from existing investors Chiratae Ventures and Alkemi Venture Partners.
Purpose of Funding for Redcliffe Lifetech
The company intends to use the recent proceeds to expand its geographic reach across India. The funds would aid in providing affordable, rapid, and convenient pathology services from glucose to genetics in millions of households. Redcliffe Lifetech will also focus on expanding its Direct to Consumer Diagnostics into tier 2, 3 and 4 cities.
Meanwhile, the diagnostics startup will scale its platform and increase its product offerings to radiology, disease data profiling and lifestyle management. This will further aid its mission to shift India’s healthcare focus from treatment to early diagnosis and prevention.
Previously, the diagnostics startup raised USD 10 million in its Series A round. Currently, the company’s annualised revenue run rate stands at around USD 55- USD 60 million.
What the founders have to say
“Preventative medicine is the future of health in India, helping to empower the average Indian with the information they need to take charge of their health and wellbeing. This investment will help us scale rapidly to achieve our goal to reach over 500 million Indians within the next five years. We expect to hit USD 100 million by September 2022,” said Dheeraj Jain, founder of Redcliffe Lifetech.
What the investor has to say
“Redcliffe’s vision of shifting healthcare from treating the sick to enabling wellness will have profound implications for millions. We’re thrilled to be partnering with Dheeraj and his management team to scale their reach across India further. 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, LeapFrog Investments Partner, and Global Co-Leader for Health Investments.
In addition, Ranjith Menon, partner at Chiratae Ventures, said,”Redcliffe operates at the intersection of healthcare 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.”
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