Redcliffe Lifetech Raises $61M in Funding Led by LeapFrog Investments
Last year, the company raised $10 million in its Series A funding round.
Redcliffe said it would use the new capital to expand its geographic reach into Tier II and Tier III cities.
“The funding will also be used to scale Redcliffe’s platform and increase its product offerings for radiology, disease data profiling and lifestyle management,” Dheeraj Jain, founder of ET, told ET. Redcliffe Lifetech.
According to Jain, the company’s current annualized revenue rate is between $55 million and $60 million.
“We expect to reach $100 million by September 2022,” he added.
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Founded in 2018, Redcliffe has a network of 22 laboratories in 14 cities.
It also has a team of key opinion leaders in the pathology industry who oversee operations and quality.
The company has a fleet of 400 phlebotomists operating in more than 100 cities with home sample collection and an offline network of 500 collection centers.
The company claims to offer these services at a cost of 25-60% less than that of its traditional competitors.
“Redcliffe is an example of LeapFrog’s focus on digital-first and asset-light business models that enable access to critical healthcare services for emerging consumers,” said Biju Mohandas, Partner and Global Co-Head. healthcare investments at LeapFrog Investments.
With a population of nearly 1.4 billion, 65% of India’s population still lives in rural areas and access to healthcare is an ongoing challenge, the company said in a statement. “This increased convenience and cost-effective approach allows consumers to be tested more frequently, encouraging healthier behavior and leading to earlier detection of disease to ultimately reduce the health burden on households,” he said. declared.
Jain added that preventive medicine will help give the average Indian the information needed to take charge of their health and well-being. “This investment will help us scale rapidly to achieve our goal of reaching over 500 million Indians over the next five years,” he said.
Ranjith Menon, partner at Chiratae Ventures, said Redcliffe operates at the intersection of healthcare and technology, developing solutions that address persistent challenges in the Indian market.
“He built a proprietary technology platform. It has also piloted drone technology throughout its supply chain to reach consumers living in small towns, semi-urban and remote areas that are often difficult to reach with existing infrastructure,” added Menon.