🚀 Medial Secures Investment on Shark Tank India - Fueling the Future of Professional Social Networking. 🔥
Login

News on Medial

Related News

Redcliffe Labs raises $42 Mn in Series C round

EntrackrEntrackr · 10m ago
Redcliffe Labs raises $42 Mn in Series C round
Medial

Omnichannel diagnostics service provider Redcliffe Labs has raised $42 million in a Series C funding round led by Denmark-based investment firm IFU, which contributed $20 million. Existing investor LeapFrog added $15 million, while the remaining capital came from shareholders HealthQuad and Spark Growth Ventures. This new funding follows the Noida-based company’s previous rounds, including $61 million in its Series B in May 2022 and $10 million in Series A in April 2021. Other notable investors include Schroders, LC Nueva, Chiratae Ventures, and Alkemi Venture Partners. The fresh capital will fuel Redcliffe’s expansion plans, particularly in deepening its presence in tier II and III cities across India. The company plans to open more labs and collection centers and expand its home collection network, according to a press release. Redcliffe has executed strategic acquisitions in North-Western India and continues to pursue PAN-India expansion through partnerships and further acquisitions. In addition to its financial growth, Redcliffe has strengthened its leadership. Ankur Shah, former chief finance and strategy officer of Careem (acquired by Uber), has joined as an independent director. Alka Saxena, formerly of Health Care at Home and Dr. Lal PathLabs, has been appointed as CFO. Currently, Redcliffe Labs’ services are available in more than 220 cities across India through a network of 80 labs, over 2,000 collection centers, and home collection services. The company claims to have served more than 7 million patients across tier I, II, and III cities. Redcliffe Labs’ operating revenue surged 2.6 times to Rs 347 crore in FY23, up from Rs 130 crore in FY22. However, the company’s losses jumped fivefold to Rs 345.6 crore from Rs 67.7 crore over the same period. It competes with notable players such as PharmEasy-owned Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs.

Exclusive: Redcliffe Labs acquires Celara Diagnostics for $7 Mn

EntrackrEntrackr · 9m ago
Exclusive: Redcliffe Labs acquires Celara Diagnostics for $7 Mn
Medial

Omnichannel diagnostics service provider Redcliffe Labs is set to acquire Celara Diagnostics, marking the company’s second acquisition in the diagnostics space this year. The board of Redcliffe Labs has passed a resolution of approval for the acquisition of shares of Celara Diagnostics Pvt Ltd for an amount not exceeding Rs 60 crore ($7 million). Bengaluru-based Celara Diagnostics offers comprehensive diagnostic services in radiology and pathology. Its advanced facilities include MRI, CT scans, ultrasonography, and specialty services in neurology, cardiology, and gastroenterology. The company reported Rs 25 crore revenue and Rs 1.5 crore profit in FY23. Its FY24 results are yet to come. In March, Redcliffe Labs’ founder Dheeraj Jain said that the company aims to acquire labs with strong financial performance to boost its cash flow and profitability. Earlier this year, Redcliffe Labs-owned Medicentre acquired Kota-based Prime Sonography & Diagnostic Centre for an undisclosed amount. The latest acquisition follows Redcliffe Labs’ recent $42 million Series C fundraise led by the Denmark-based investment firm IFU. The company plans to deploy the funds towards opening more labs and collection centers while expanding its presence in the tier II and III cities. The firm also roped in Ankur Shah, former CFO of Careem, as an independent director, and Alka Saxena, who previously worked with Health Care at Home and Dr. Lal PathLabs, as the new CFO. Redcliffe, a competitor to PharmEasy-owned Thyrocare, Healthians, 1mg, and Dr. Lal PathLabs, recorded a revenue of Rs 347 crore in FY23, while incurring a loss of Rs 345.6 crore. It hasn’t filed FY24 financials yet.

Illegal betting sites start new innings as IPL action picks up

Economic TimesEconomic Times · 1y ago
Illegal betting sites start new innings as IPL action picks up
Medial

Illegal sports betting platforms such as Parimatch, Betway, 1XBet, Betfair, Crickex, Fairplay, and Lotus365 have increased their operations in India during the Indian Premier League (IPL), targeting cricket fans with discounts and promotions. E-Gaming Federation of India (EGF) has urged the government to ban these platforms, citing unlawful activities and risks to data, taxation, and national security. Despite online betting being prohibited in India, these websites continue to operate under different names and domains, offering special deals and enticing users. mFilterIt, a fraud detection agency, warns users of financial fraud and personal data misuse on these platforms. An estimated $100 billion in deposits were made on illegal betting sites in 2023, with the IPL being a driving force. The government is considering measures to address this issue, including a KYC database for legitimate players. The responsibility to crack down on these websites lies with the state governments.

Download the medial app to read full posts, comements and news.