- Redcliffe Lifetech, a Delhi NCR-based health tech company, has raised $61 million during its Series B round.
- Redcliffe was founded by Dheeraj Jain in 2018 and offers more than 3,500 pathology and specialized tests, including genetics, through omnichannel infrastructure.
- Redcliffe offers home sample collection in more than 100 cities and has an offline network of 500 collection centres.
Redcliffe Lifetech, a Delhi NCR-based health tech company, has raised $61 million during its Series B round. led by LeapFrog Investments with participation from HealthQuad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners.
Redcliffe will use the investment to expand its geographic presence across India, focusing on setting up low-cost, high-quality diagnostics for Tier 2, 3 and 4 cities.
In addition to expanding its platform and product offerings, the startup plans to use the funding to expand its presence in radiology, disease data profiling, and lifestyle management.
Redcliffe was founded by Dheeraj Jain in 2018 and offers more than 3,500 pathology and specialized tests, including genetics, through omnichannel infrastructure. According to the startup, prices are cheaper than traditional competitors, almost 25-60% lower.
Last year, Redcliffe raised $10 million in a Series A financing round. In total, The health tech startup has raised $73 Mn in various funding rounds so far.
In addition to Redcliffe, Dheeraj Jain also invested in D2C brand Candes and RevFin last year. As part of a pre-Series A funding round led by Jain, RevFin secured $4 Mn (INR 30 Cr) in October 2021. Candes, a D2C brand, received $3 Mn from several Delhi-based family offices in June 2021. In addition to the Lotus Group’s Nitin Passi and Dheeraj Jain, there were Anuraag and Ruchirans Jaipuria, who were the round’s leaders.
Also, Redcliffe offers home sample collection in more than 100 cities and has an offline network of 500 collection centres. Its online channels are staffed by 400 specially trained phlebotomists.
Preventive medicine holds the key to improving health and wellbeing in India by providing Indian people with information and resources. Providing a wide selection of diagnostic tests, Redcliffe has built a one-stop diagnostic shop. We aim to reach 500 million Indians within five years with this investment,” Jain said. The company said its services are delivered from 22 state-of-the-art labs across 14 cities, many of which are accredited by NABL.
According to the company, it has disrupted how diagnostics are provided in the country with on-demand, one-hour home collections and same-day reports.
Biju Mohandas, partner and global co-leader for health investments at LeapFrog Investments, said the company’s innovative and disruptive approach is transforming healthcare in the region.
Additionally, O3 Capital acted as a financial advisor to the transaction.
Among others, Redcliffe competes with Bengaluru-based digital diagnostic startup 5C Network, Mumbai-based diagnostic booking app Medd, and diagnostic platform JustDoc.
Bangalore-based digital diagnostic startup 5C Network has invested an undisclosed amount in Gurugram-based health tech startup Tata 1mg March 2022.
In a cash-and-stock deal of nearly $1 million in value, Netmeds, an online pharma startup based in Chennai, acquired JustDoc a few years ago.