Redcliffe Lifetech (Redcliffe), a leading diagnostics platform, said it raised $61 million led by LeapFrog Investments (LeapFrog), with participation from Healthquad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners.
The investment will be used to expand Redcliffe’s geographic reach across India, with a focus on expanding its low-cost yet high-quality direct-to-consumer diagnostics in Tier 2, 3 and 4 cities The funds would help him bring affordable, fast and convenient pathology services, from glucose to genetics, to millions of homes.
The funding will also be used to scale Redcliffe’s platform and increase its product offerings for radiology, disease data profiling and lifestyle management. This would help him continue his mission to shift India’s focus on healthcare from treatment to early diagnosis and prevention.
“Preventive medicine is the future of healthcare in India, helping to empower the average Indian with the information they need to take charge of their health and well-being,” said Dheeraj Jain, Founder of Redcliffe Lifetech . “This investment will help us scale rapidly to achieve our goal of reaching over 500 million Indians over the next five years.”
Biju Mohandas, Partner and Global Co-Head of Healthcare Investments at LeapFrog Investments, said Redcliffe is an example of LeapFrog’s focus on digital-first and asset-light business models that enable access to essential health services to emerging consumers.
“Redcliffe’s vision of shifting health care from treating the sick to wellness will have profound implications for millions of people,” Mohandas said.
Redcliffe provides diagnostic services through its network of 22 state-of-the-art laboratories in 14 cities, many of which are already National Accreditation Board for Testing and Calibration Laboratories (NABL) accredited. The company said it also has a team of key opinion leaders in the pathology industry who oversee operations and quality.
It has a unique omnichannel infrastructure, which combines innovative online channels with a fleet of 400 highly qualified samplers operating in more than 100 cities with home sample collection and an offline network of 500 collection centers. This allows the company to offer more than 3,500 different pathologies and specialized tests, including genetics, at very affordable prices approximately 25-60% lower than those of its traditional competitors.
“Redcliffe has also piloted drone technology in its supply chain to reach consumers living in small towns, semi-urban and remote areas that are often difficult to reach with existing infrastructure,” said partner Ranjith Menon. Chiratae Ventures. Menon said the company has also co-developed live, remote temperature tracking, the first of its kind, to monitor samples taken by phlebotomists and ensure they are maintaining an adequate temperature to respond to medical conditions. quality and safety standards.
Redcliffe said its affordable diagnostics help reduce the burden of non-communicable diseases (NCDs), such as heart disease, cancer and diabetes, which currently kill more than 6 million Indians every year.
NCDs are increasing in India as the percentage of the population over 60 increases, and diets and lifestyles change across the country. Early diagnosis also helps mitigate severe NCD-related financial shocks through continued hospitalization, which will cause an average of 47% of Indian households to incur expenses beyond their ability to pay.
With a population of nearly 1.4 billion, 65% of India’s population still lives in rural areas and access to healthcare is a constant challenge. This increased convenience and cost-effective approach allows consumers to be tested more frequently. This encourages healthier behavior and leads to early disease detection to ultimately reduce the household health burden. Sample collection by mobile phlebotomists also reduces the time it takes to get a test, freeing up time for more productive purposes.
O3 capital acted as financial advisor on the transaction.