New Delhi-based Redcliffe Lifetech has raised $61 million in a funding round. The round was led by LeapFrog Investments (LeapFrog).
Few other investors like- Healthquad, Schroders, LC Nueva, Growth Spark Ventures, Chiratae Ventures, and Alkemi Venture Partners, also participated in the round.
Redcliffe Lifetech is planning to utilize the fresh capital funds in the following ways:
Redcliffe, a platform that serves diagnostics services in 22 state-of-the-art labs across 14 cities.
Its omnichannel infrastructure combines an online channel with a fleet of 400 phlebotomists operating in 100+ cities with home sample collection and an offline network of 500 collection centers. The platform enables the company to offer over 3,500 different pathologies and specialized tests, including genetics at affordable prices around 25-60 percent less than traditional competitors.
Redcliffe’s affordable diagnostics guarantee to help decrease the burden of diseases, including heart disease, cancer, and others.
“This investment will help us scale rapidly to achieve our goal to reach 500 million+ Indians within the next five years,” said Dheeraj Jain, Founder of Redcliffe Lifetech.
“Redcliffe’s vision of shifting healthcare from treating the sick to enabling wellness will have profound implications for millions. We’re thrilled to be partnering with Dheeraj and his management team to further scale their reach across India,” added Biju Mohandas, Partner and Global Co-leader for Health Investments, LeapFrog Investments.
“Redcliffe has built a proprietary technology platform for outstanding consumer experience also enabling scaling of its operations at their labs, fulfillment, 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.