Healthtech startup Redcliffe Labs, based in Delhi NCR, has successfully raised $42 million (approximately INR 351.7 crore) in a Series C funding round.
The round was led by the Danish Investment Fund for Developing Countries (IFU) and saw participation from existing investors, including LeapFrog Investments, HealthQuad, and Spark Growth Ventures.
The fresh capital will enable Redcliffe Labs to expand its diagnostic services, particularly in tier II and III cities across India. This move is part of the company’s larger strategy to broaden access to healthcare in underserved areas. Additionally, Redcliffe has appointed Alka Saxena, a former executive from Dr. Lal Path Labs, as its new Chief Financial Officer, signaling its focus on strengthening its leadership as it scales operations.
Founded in 2018 by Aditya Kandoi and Dheeraj Jain, Redcliffe Labs offers a comprehensive range of diagnostic services, providing over 3,600 pathology tests along with genetic screenings and DNA testing. The company specializes in areas such as reproductive health, cancer diagnostics, and overall wellness, using a blend of online and offline services to cater to a broad spectrum of patients.
Redcliffe’s growth trajectory has been impressive, having previously raised $61 million in a Series B round led by LeapFrog Investments in May 2022. The startup currently operates over 80 diagnostic labs and more than 2,000 collection centers, with over 1,000 trained phlebotomists delivering home collection services in more than 220 cities. Offering services like same-day reporting and 45-minute rapid testing, Redcliffe has set a new benchmark for diagnostic efficiency in India.
The new funds will be used to set up additional labs and collection centers, while also expanding its home sample collection network across the country. Redcliffe is also in advanced discussions for strategic acquisitions in the diagnostic space, aiming to increase its market share through both organic and inorganic growth.
India’s healthtech industry is rapidly expanding, with startups like Redcliffe competing with major players such as Tata 1mg, Molbio Diagnostics, MapMyGenome, Positive Bioscience, and GenX Diagnostics. According to estimates from Inc42, the healthtech market in India is expected to reach $21.3 billion by 2025. This growth is fueled by increasing demand for affordable healthcare services, technological advancements, and favorable government policies in the post-pandemic world.
As investor interest in healthtech surges, Redcliffe Labs’ Series C round reflects a broader trend of investment in healthcare innovation. Other notable funding rounds in the sector include Lifetime Health, which raised $1.5 million in seed funding earlier this month, and healthcare startup Icanheal, which secured INR 15 crore in a seed round led by IvyCap Ventures.
Redcliffe Labs’ latest funding will not only accelerate its expansion but also position the company as a key player in making high-quality diagnostic services more accessible to millions across India.
