“There are at least 30-40 regional (radiology lab) assets in India,” Dheeraj Jain, founder of Redcliffe Labs said and he expects his company would be closer to becoming a unicorn with the infusion.
Diagnostic chain Redcliffe Labs said it has initiated the process of raising $200 million from private equity investors. The company expects to complete the fundraiser by the end of this year. “We are at the start of the largest round of diagnostic financing of around $200 million,” Dheeraj Jain, founder of Redcliffe Labs, told media. Jain said the proceeds will be largely used for inorganic expansion into radiology testing.
“We are very keen to acquire regional (radiology testing) chains who already have a footprint, so that we can bring our quality, aggression and latest technology, to scale up the business,” Jain said, adding he had begun scouting for potential targets of acquisitions.
“There are at least 30-40 regional (radiology lab) assets in India,” Jain said and he expects his company would be closer to becoming a unicorn with the infusion.
In May, Redcliffe announced it had raised $61 million as part of series B led by LeapFrog Investments (LeapFrog), with participation from Healthquad Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners.
Jain said the investment will be used for pan-India expansion, providing lowcost but high quality direct-to-consumer (D2C) blood tests into tier 2, 3 and 4 towns and cities, along with scaling up Redcliffe’s platform and increasing its product offerings to radiology, disease data profiling and lifestyle management.
