o3 Capital acted as the exclusive financial advisor to Redcliffe Labs for its Series C fundraise led by Investeringsfonden for Udviklingslande (IFU)

Redcliffe Labs (“Company”) is a pan-India omnichannel service provider working progressively to give India its right to quality diagnostics. Its services are available in 220+ cities across India through its network of 80+ advanced labs powered by 2000+ collection centres and home collection services, serving the masses in tier 1, 2, 3 cities, and beyond. The company has already served more than 7M+ patients with high-end diagnostics, demonstrating an unwavering commitment to providing quality diagnostics across Bharat.

Investeringsfonden for Udviklingslande (“IFU”) is an independent government-owned fund offering risk capital to companies in developing countries and emerging markets. The fund invests in financially viable companies, contributing to the green transition as well as economic and social development. IFU has invested in 1,346 companies across 100 countries in Africa, Asia, Latin America and parts of Europe. Currently their active portfolio across all funds encompasses 161 project companies comprising of DKK 11 bn of investment.

This transaction involves a primary infusion from IFU as well as existing investors LeapFrog Investments, HealthQuad and Spark Growth Ventures. The investment will support Redcliffe’s ability to further scale and serve the growing demand for diagnostics services across India particularly across Tier 2/3/4 cities. Redcliffe also plans to inorganically expand into radiology services to become a one stop solution for all diagnostic needs.

Speaking about the fundraise, Aditya Kandoi, Founder and CEO of Redcliffe Labs, said, “Our aim is to democratise access to high-quality, affordable, accurate diagnostics for every Indian, with a particular focus on the underserved populations in Tier II and III cities. This funding round is not just a financial milestone; it's a catalyst for transformative change in India's healthcare landscape. With this raise, we're poised to increase accessibility to advanced diagnostic services across the nation with a commitment to empower individuals with the knowledge and tools they need to take charge of their health. By bringing cutting-edge diagnostics to the doorsteps of millions, we're nurturing a healthier Bharat.”

Emil Sierczynski, Investment Director at Investeringsfonden for Udviklingslande (IFU) said “We view healthcare as more than just an investment sector – it's a fundamental pillar in our strategy to drive meaningful social impact. Redcliffe's innovative approach to diagnostics has the potential to touch millions of lives, bringing essential health services to previously underserved communities. This aligns perfectly with our mission to support businesses that create lasting positive change. We're not just investing in a company; we're investing in a healthier, more equitable future for India. The ripple effects of improved healthcare access can be profound – from increased productivity to stronger communities – and we're excited to be part of this journey with Redcliffe Labs.”

Biju Mohandas, Partner & Global Head of Healthcare Investments at Leapfrog Investments said “We are delighted to have helped catalyse Redcliffe Lab’s Series C round, bringing the company to the next stage of growth. The Indian healthcare industry, particularly the diagnostics sector, is at an inflection point, presenting growth opportunities. Redcliffe Labs stands out in this landscape for its impressive growth trajectory and its commitment to customer-centricity and quality. Their NABL accreditation and adherence to Six Sigma practices showcase their dedication to excellence, creating a significant impact for millions of patients. Redcliffe’s rapid progress also underscores the drive, resilience and quality of their team. Our continued investment in Redcliffe Labs aligns perfectly with LeapFrog’s mission to support businesses that drive both financial returns and measurable social impact. We believe Redcliffe's model has the potential to be a blueprint for accessible, high-quality healthcare services across the country.”

Ranjith Menon, Partner & Managing Director at Chiratae Ventures said “Chiratae has been proud to support Redcliffe Labs' journey as one of their first investors and witness its transformation into one of India’s leading diagnostics providers. IFU's investment will provide the capital and strategic guidance needed to further expand Redcliffe's reach and improve access to quality healthcare services across India. This collaboration is a testament to Redcliffe's potential to transform the diagnostics landscape in India.”

Dr. Pinak Shrikhande, Managing Director at HealthQuad said “Redcliffe Labs represents a perfect example of HealthQuad’s investment strategy of nurturing innovative models to create deep social impact. We're thrilled to witness Redcliffe's growth and its ability to attract investment from a leading global investor like IFU. We’re pleased to participate in this funding round with a follow-on investment and remain committed to supporting the Redcliffe team in its future growth.”

Alka Goel, Founder at Alkemi Growth Ventures said “As an early backer in Redcliffe Labs, Alkemi Growth Ventures has witnessed the phenomenal growth showcased by the Company. Alkemi has invested across multiple rounds in Redcliffe Labs, underpinning our confidence in the company and the growth of diagnostics services in India. IFU's strategic investment is a significant step forward, accelerating Redcliffe's vision of becoming one of India’s largest diagnostics players.”

This deal marks o3 Capital's 14th deal closure in the Healthcare & Lifesciences space in the last 18 months. The deal underlines o3 Capital’s deep understanding of the diagnostics segment having closed the only growth funding diagnostics deal in the last 24 months. (63 Healthcare and Lifesciences deal closures to date).