Redcliffe Lifetech Pvt. Ltd.

Redcliffe Lifetech Pvt. Ltd.

Redcliffe Lifetech Pvt. Ltd.

June 2022

Announced Date: June 2022

Value: USD 61 million

o3 Capital acted as the Exclusive Financial Advisor to Redcliffe Lifetech on its fund raise from LeapFrog, HealthQuad, Schroders and existing investors, Chiratae and Alkemi

Redcliffe Lifetech (Redcliffe), one of India’s leading diagnostics platforms, has raised $61 million led by LeapFrog Investments (LeapFrog), with participation from HealthQuad, Schroders, LC Nueva, Spark Growth Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners. The investment proceeds shall be utilized to expand Redcliffe’s geographic reach in tier II-IV cities across the country, while enhancing its offerings to include radiology, disease data profiling and lifestyle management.

Redcliffe delivers world-class diagnostics services through its network of 22 state-of-the-art labs across 14 cities. The company’s unique omni-channel infrastructure, which combines innovative online channel with a fleet of 500+ highly-trained phlebotomists operating in 100+ cities with home sample collection and an off-line network of 500+ collection centres, enables the company to offer more than 3,500 different pathology and specialised tests including genetics at highly affordable prices.

“Preventative care is the future of health in India, and we are helping empower Indians with the information they need, to take charge of their health and wellbeing,” Dheeraj Jain, Founder of Redcliffe, said. “Redcliffe has built a one-stop diagnostic shop offering a very wide selection of tests to choose from and delivering care closer to the customer. This investment will help us scale rapidly to achieve our goal to reach 500M+ Indians within the next five years.”

“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. “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.”

“Redcliffe operates at the intersection of healthcare and technology, developing innovative solutions that address persistent challenges in the Indian market. It has built a proprietary technology platform for outstanding consumer experience also enabling scaling of its operations at their labs, fulfilment and overall CRM.”, said Ranjith Menon, Partner at Chiratae Ventures.

“Redcliffe is focused at providing quality access to affordable preventive care in tier 2 and tier 3 towns of India. HealthQuad looks forward to partnering with Redcliffe with the vision of creating a pan-India affordable diagnostic platform”, said Charles-Antoine Janssen, Managing Partner at HealthQuad.

On the transaction, Mohit Khullar, Managing Director at o3 Capital said, “Redcliffe, through its digital-first, glucose-to-genetics approach has emerged as the fastest growing direct to consumer diagnostics platform in less than 2 years of operations. Its comprehensive offerings, focus on affordability & accessibility in tier-2/3/4 cities and emphasis on adopting the latest technologies coupled with proven, evidence based international medical practices will help Redcliffe emerge as a true pan-India and omni-channel integrated diagnostic platform”.

This deal marks o3 Capital's 11th deal closure in the Healthcare & Lifesciences space in the last 15 months. The deal also reiterates o3 Capital’s strong delivery credentials in the Healthcare segment and reinforces our ability in consummating deals in the digital ecosystem.