Redcliffe Lifetech (Redcliffe) has raised $61 million in Series B funding. Led by LeapFrog Investments (LeapFrog), the round saw participation from Healthquad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners. While O3 capital acted as financial advisor on the transaction.
Preventative medicine helps to empower the average Indian with the information they need to take charge of their health and wellbeing, Dheeraj Jain, founder, Redcliffe Lifetech, said. “Redcliffe has built a one-stop diagnostic shop offering a wide selection of tests to choose from and delivering care closer to the customer. This investment will help us scale to achieve our goal to reach over 500 million Indians within the next five years,” he added.
The company aims to use the proceeds from the fund to expand Redcliffe’s geographical reach across India, with a focus on expanding its direct to consumer (D2C) diagnostics into tier 2, 3 and 4 cities, providing pathology services. Additionally, the funding will be used to scale Redcliffe’s platform and increase its product offerings to radiology, disease data profiling and lifestyle management, furthering its mission to shift India’s healthcare focus from treatment to early diagnosis and prevention.
For Biju Mohandas, partner and global co-leader, health investments, LeapFrog Investments, the diagnostic platform 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. “Its disruptive approach is transforming healthcare in the region by bringing consumers closer to the point of care and removing barriers to access. Furthermore, Redcliffe’s vision of shifting healthcare from treating the sick to enabling wellness will have implications for millions,” he stated.
Redcliffe operates at the intersection of healthcare and technology, developing solutions that address challenges in the Indian market, Ranjith Menon, partner, Chiratae Ventures, said. “It has built a proprietary technology platform for outstanding consumer experience also enabling scaling of its operations at its labs, fulfilment and overall CRM,” he highlighted.