Redcliffe Lifetech raises USD 61 mn from investors

New Delhi, Leading diagnostics platform Redcliffe Lifetech on Friday said it has raised USD 61 million (around Rs 466 crore) in a funding round led by LeapFrog Investments. Healthquad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners also participated in the funding round.

The investment will be used to expand its geographic reach across the country, with a focus on expanding its low-cost high quality direct-to-consumer diagnostics, into tier 2, 3 and 4 cities, the company said in a statement.

The latest funding will also be used to scale its platform and increase its product offerings to radiology, disease data profiling and lifestyle management, furthering its mission to shift India's healthcare focus from treatment to early diagnosis and prevention, it added.

"Preventative medicine is the future of health in India, helping to empower the average Indian with the information they need to take charge of their health and wellbeing," Redcliffe Founder Dheeraj Jain noted.

The company has built a one-stop diagnostic shop offering a very wide selection of tests to choose from and delivering care closer to the customer and the fresh investment will help to scale up rapidly to achieve the goal to reach over 50 crore Indians within the next five years, he added.

"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," LeapFrog Investments Partner and Global Co-Leader for Health Investments Biju Mohandas said.

Redcliffe currently has a network of 22 laboratories across 14 cities in the country.