Redcliffe Lifetech Pvt. Ltd, which operates the diagnostics platform Redcliffe Lifetech Friday said it has raised $61 million (around Rs 468 crore) in its series B funding round led by LeapFrog Investments.
VCCircle exclusively reported this development in October 2021.
Redcliffe plans to deploy the fresh capital to expand its geographic reach across India, with a focus on expanding its low-cost direct-to-consumer diagnostics into tier II, III and IV cities. It will also be utilised to scale the company’s platform and increase product offerings to radiology, disease data profiling and lifestyle management.
Other investors who took part in this funding round include Healthquad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners.
“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," said Dheeraj Jain, Founder of Redcliffe Lifetech said. “Redcliffe has built a one-stop diagnostic shop offering a very wide selection of tests to choose from and delivering care closer to the customer. This investment will help us scale rapidly to achieve our goal to reach over 500 million Indians within the next five years.”
Founded in 2018 by Jain, Redcliffe delivers diagnostics services through its network of 22 labs across 14 cities. The startup's omnichannel infrastructure includes a fleet of 400 trained phlebotomists operating in more than 100 cities with home sample collection and an offline network of 500 collection centres.
In March 2021, the startup raised around $4-5 million (Rs 29-36 crore) in a funding round from Alkemi Venture Partners, Y Combinator, LetsVenture, among others.
“Redcliffe has built a proprietary technology platform for outstanding consumer experience also enabling scaling of its operations at their labs, fulfilment and overall CRM. 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. Redcliffe has also co-developed a first-of-its-kind live, remote temperature tracking to monitor the samples collected by phlebotomists and ensure they maintain adequate temperature to meet quality and safety standards”, said Ranjith Menon, Partner Chiratae Ventures.
O3 capital acted as financial adviser in this transaction.