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Redcliffe Labs raises $42 Mn in Series C round

EntrackrEntrackr · 1y 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 · 1y 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.

Healthcare edtech startup Virohan raises $7.5 Mn in ongoing Series B

EntrackrEntrackr · 23d ago
Healthcare edtech startup Virohan raises $7.5 Mn in ongoing Series B
Medial

Healthcare edtech startup Virohan raises $7.5 Mn in ongoing Series B Healthcare edtech startup Virohan has raised Rs 65 crore ($7.5 million) as part of its ongoing Series B funding round, led by Mynavi Corporation. The round also saw participation from Virohan’s existing investors including Blume Ventures, Bharat Inclusive Technologies Seed Fund, and Rebright Partners. The funding will accelerate Virohan’s path to profitability through product innovation, operational efficiencies, and strategic talent expansion, the company said in a press release. Virohan works with universities such as UPES, BBD University, CMR University, Assam Don Bosco University, and G.H. Raisoni University to offer undergraduate programs in allied healthcare, nursing, and healthcare management, and partners with healthcare companies including Lenskart, Medanta, Healthians, and Dr. Lal PathLabs to support student placements. The seven-year-old firm claims to have partnered with more than 20 higher education institutions, trained over 13,000 healthcare students, and worked with over 2,000 healthcare employers to support graduate employability. Virohan has raised over $25 million in funding so far. According to TheKredible, after the latest share allotment, Mynavi Corporation will hold a 3.83% stake in the company, while Blume Ventures will continue as the largest shareholder with a 16.16% holding. The company is yet to file its FY25 financials. In FY24, Virohan reported operating revenue of Rs 21 crore, up from Rs 10.65 crore in FY23, while its losses widened 18% year on year to Rs 22 crore.

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