Omnichannel diagnostics provider Redcliffe Labs is set to acquire Celara Diagnostics, marking its second acquisition in the diagnostics sector this year. The board of Redcliffe Labs has approved a resolution to acquire shares of Celara Diagnostics Pvt Ltd for an amount not exceeding Rs 60 crore ($7 million).

Celara Diagnostics, based in Bengaluru, offers a comprehensive range of diagnostic services in radiology and pathology. Its advanced facilities include MRI, CT scans, ultrasonography, and specialized services in neurology, cardiology, and gastroenterology.

In FY23, the company reported revenue of Rs 25 crore and a profit of Rs 1.5 crore. Its FY24 results are still pending. In March, Redcliffe Labs' founder Dheeraj Jain outlined the company’s strategy to acquire labs with strong financial performance to enhance cash flow and profitability. This acquisition aligns with that goal, allowing Redcliffe Labs to expand its diagnostic offerings and strengthen its market presence.

Earlier this year, Redcliffe Labs-owned Medicentre completed the acquisition of Kota-based Prime Sonography & Diagnostic Centre for an undisclosed amount, further showcasing its aggressive growth and expansion plans within the diagnostics space.

Redcliffe Labs' latest acquisition comes on the heels of its recent $42 million Series C fundraising, led by Denmark-based investment firm IFU. The company plans to use the funds to open more labs and collection centers, expanding its presence in tier II and III cities across India.

In addition to the acquisition, Redcliffe Labs has strengthened its leadership team by appointing Ankur Shah, former CFO of Careem, as an independent director, and Alka Saxena, who has previously worked with Health Care at Home and Dr. Lal PathLabs, as its new CFO. Competing with PharmEasy-owned Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs, Redcliffe Labs reported a revenue of Rs 347 crore in FY23, while posting a loss of Rs 345.6 crore. The company's FY24 financial results are yet to be filed.