Last year, the company raised $10 million in its Series A funding round.
Redcliffe said it will use the fresh capital to expand its geographic reach across tier II and III cities.
“Funding will also be used to scale Redcliffe’s platform and increase its product offerings to radiology, disease data profiling and lifestyle management,” Dheeraj Jain, founder of Redcliffe Lifetech, told ET.
According to Jain, the company’s current annualised revenue run rate stands at around $55- $60 million.
“We expect to hit $100 million by September 2022,” he added.
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Founded in 2018, Redcliffe has a network of 22 labs across 14 cities.
It also has a team of key opinion leaders in the pathology sector 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 centres.
The company says it offers these services at a cost that is 25-60% lower than traditional competitors.
“Redcliffe is an exemplar of LeapFrog’s focus on digital-led and asset-light business models that enable access to essential healthcare services to emerging consumers,” said Biju Mohandas, partner and global co-leader for health 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 care is an ongoing challenge, the company said in a statement. “This increased convenience and the cost-effective approach enable consumers to undergo tests more frequently, encouraging more healthy behaviour and leading to early detection of disease to ultimately reduce the health burden on households,” it said.
Jain added that preventive medicine will help empower the average Indian with the information needed to take charge of his/her health and wellbeing. “This investment will help us scale rapidly to achieve our goal to reach 500M+ Indians within 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.
“It has built a proprietary technology platform. It has also piloted drone technology across its supply chain to reach consumers living in smaller cities, semi-urban and remote areas that are often difficult to reach with existing infrastructure,” Menon added.
