Redcliffe Labs Expands Diagnostics Network with New Funding
Significant Funding Secured
Internet healthtech startup Redcliffe Labs has successfully raised $42 Mn in its Series C funding round led by the Danish Investment Fund for Developing Countries (IFU). This round saw participation from existing investors such as LeapFrog Investments, HealthQuad, and Spark Growth Ventures.
Plans for Expansion
The fresh capital will be deployed to fuel Redcliffe's expansion plans, particularly targeting tier II and III cities in India. The startup aims to democratize access to affordable and accurate diagnostics, emphasizing quality healthcare for underserved populations.
- Founded in 2018, Redcliffe Labs offers over 3600 pathology tests.
- Currently operates more than 80 labs and 2000 collection centers.
- Plans to set up additional labs to enhance testing services.
Strategic Growth Initiatives
As part of its growth strategy, Redcliffe Labs is in talks for potential strategic acquisitions of diagnostic chains, aiming to increase its market share in the competitive healthtech landscape.
Market Context
In India, the healthtech market is projected to grow to $21.3 Bn by 2025. Amid a rising demand for affordable healthcare services, several startups are witnessing increased investor interest, with Redcliffe Labs leading the charge in providing comprehensive diagnostic solutions.
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