Redcliffe Funding: Redcliffe Lifetech Raises $ 61 Million in Funding Led by LeapFrog Investments

Bombay: Omnichannel diagnostics the Redcliffe Lifetech platform raised $ 61 million in its Series B round, led by LeapFrog investmentsand participation from sanitary, Schroder, LC Nueva, Spark Ventures growthas well as existing investors Chiratae Ventures and Alkemi Venture Partners.

Last year, the company raised $ 10 million in its Series A funding round.

Redcliffe said it will 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 offering for radiology, disease data profiling and lifestyle management,” Dheeraj Jain, founder of Redcliffe Lifetech, told ET.

According to Jain, the company’s current annualized revenue rate is approximately $ 55- $ 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 disease industry who oversee operations and quality.

The company has a fleet of 400 sand flies operating in more than 100 cities with home sampling and an offline network of 500 collection centers.

The company claims to offer these services at 25-60% lower cost than traditional competitors.

“Redcliffe is an example of LeapFrog’s focus on digital-based business models and resources that enable access to essential health services for emerging consumers,” said Biju Mohandas, partner and global co-leader for healthcare investments at LeapFrog Investments.

With a population of nearly 1.4 billion, 65 percent of India’s population still lives in rural areas and access to care is an ongoing challenge, the company said in a statement. “This increased convenience and cost-effective approach allows consumers to get tested more frequently, encourage healthier behaviors, and lead to earlier diagnosis of the disease to ultimately reduce the health burden on families,” he said.

Jain added that preventative medicine will help the average Indian provide the information they need to take care of their health and well-being. “This investment will help us grow rapidly to reach our goal of reaching over 500 million Indians within the next five years,” she said.

Ranjith Menon, partner of Chiratae Ventures, said Redcliffe operates at the intersection of healthcare and technology, developing solutions that address the persistent challenges in the Indian market.

“He built a proprietary technology platform. He has also pioneered drone technology throughout his supply chain to reach consumers living in smaller, semi-urban and remote areas that are often difficult to reach with existing infrastructure, ”Menon added.

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