Noida-based 'Redcliffe Labs' mops-up $42 million in Series C
The omnichannel diagnostic services Redcliffe Labs, has infused $42 million in series C funding. IFU, an investment firm based in Denmark led the round by contributing $20 million while existing investor LeapFrog gave $15 million. HealthQuad and Spark Growth Ventures contributed the remaining amount as shareholders.
The Noida-based company has received additional funding, building upon their previous rounds of investment which include $61 million in Series B in May 2022 and $10 million in Series A from April 2021. Noteworthy investors contributing to this round include Schroders, LC Nueva, Chiratae Ventures, and Alkemi Venture Partners.
Redcliffe's expansion plans, particularly in tier II and III cities across India, will receive a boost from the influx of fresh capital. In order to achieve this goal, the company intends to establish additional laboratories and collection centres while also expanding its home-collection network. These details were provided in a press release.
Redcliffe has carried out strategic acquisitions in the North-West region of India, and is actively seeking to expand its presence across all regions of India through partnerships and additional acquisition activities.
Redcliffe has made strides in the areas of financial growth and leadership. The company welcomed Ankur Shah, who previously served as Careem's Chief Finance and Strategy Officer (following its acquisition by Uber), to join them as an independent director. Additionally, Alka Saxena - a former executive from Health Care at Home and Dr. Lal PathLabs - was brought onboard as CFO for Redcliffe's team.
Redcliffe Labs offers its services through a network of 80 labs, over 2,000 collection centers, and home collection services in more than 220 cities across India. The company holds the claim to have rendered healthcare solutions to innumerable patients exceeding the count of seven million from tier I, II as well as III cities.
In FY23, Redcliffe Labs experienced a significant increase in operating revenue with a 2.6 times surge to reach Rs 347 crore compared to the previous year's earnings of Rs 130 crore (FY22).
Despite this positive development, there was also an unfortunate fivefold jump in losses during this period from RS 67.7 crores to RS345.6 crores for the company. It rivals well-known competitors like Thyrocare, owned by PharmEasy, Healthians, 1mg,and Dr. Lal PathLabs.
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The Noida-based company has received additional funding, building upon their previous rounds of investment which include $61 million in Series B in May 2022 and $10 million in Series A from April 2021. Noteworthy investors contributing to this round include Schroders, LC Nueva, Chiratae Ventures, and Alkemi Venture Partners.
Redcliffe's expansion plans, particularly in tier II and III cities across India, will receive a boost from the influx of fresh capital. In order to achieve this goal, the company intends to establish additional laboratories and collection centres while also expanding its home-collection network. These details were provided in a press release.
Redcliffe has carried out strategic acquisitions in the North-West region of India, and is actively seeking to expand its presence across all regions of India through partnerships and additional acquisition activities.
Redcliffe has made strides in the areas of financial growth and leadership. The company welcomed Ankur Shah, who previously served as Careem's Chief Finance and Strategy Officer (following its acquisition by Uber), to join them as an independent director. Additionally, Alka Saxena - a former executive from Health Care at Home and Dr. Lal PathLabs - was brought onboard as CFO for Redcliffe's team.
Redcliffe Labs offers its services through a network of 80 labs, over 2,000 collection centers, and home collection services in more than 220 cities across India. The company holds the claim to have rendered healthcare solutions to innumerable patients exceeding the count of seven million from tier I, II as well as III cities.
In FY23, Redcliffe Labs experienced a significant increase in operating revenue with a 2.6 times surge to reach Rs 347 crore compared to the previous year's earnings of Rs 130 crore (FY22).
Despite this positive development, there was also an unfortunate fivefold jump in losses during this period from RS 67.7 crores to RS345.6 crores for the company. It rivals well-known competitors like Thyrocare, owned by PharmEasy, Healthians, 1mg,and Dr. Lal PathLabs.
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