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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.

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.

Cardiotrack raises $2 Mn in pre-series A round

EntrackrEntrackr · 1y ago
Cardiotrack raises $2 Mn in pre-series A round
Medial

Cardiotrack, a provider of data-centric healthcare screening technology and services through health and life insurance providers, has raised $2 million in pre series-A round led by Girish Narasimhan and co-investor Y S Shashidhar. Previously, the firm had raised an angel investment of $1.6 million from a cohort of UHNIs. Founded by Avin Agarwal, Cardiotrack delivers at-home pathology and radiology screening services, in over 300 locations through its pan-India network of diagnostic centers, technicians and phlebotomists equipped with its technology to its health and life insurance customers. Cardiotrack’s unique screening technologies is the equivalent of a treadmill test, being conducted in the comfort of one’s home along with video-based recorded medical examinations. Its medical and IOT grade diagnostics devices, workflow automation and health data digitisation solutions empower health and life insurance providers to offer onboarding experiences while enabling their customers to take control of their health. The Bengaluru-based startup also provides insights into the health of consumers. Currently, it serves nine health and life insurance companies in India.

Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses

EntrackrEntrackr · 10d ago
Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses
Medial

Redcliffe Labs posts Rs 419 Cr revenue in FY25; narrows EBITDA losses Diagnostics platform Redcliffe Labs has posted a 20% increase in its operating revenue to Rs 419 crore in FY25 from Rs 350 crore in FY24 and managed to narrow its EBITDA losses, as per the company’s press release. Diagnostics platform Redcliffe Labs has posted a 20% increase in its operating revenue to Rs 419 crore in FY25 from Rs 350 crore in FY24, as per the company’s press release. The Gurugram-based firm also managed to reduce its EBITDA losses from -38% to -21% during the same period. Founded by Aditya Kandoi, Redcliffe operates a nationwide network of over 80 labs and claims to have the widest home sample collection footprint in the country. Diagnostic services contributed over 95% of the company’s revenue in FY25, with the rest coming from product sales and other operating income. The company said it diagnosed over 2.5 million cases last fiscal and continues to focus on expanding in underserved regions, with more than 70% of its testing volumes now coming from Tier II cities and beyond. On the profitability front, Redcliffe reported a gross margin of 70% in FY25 and is aiming to expand it to 74% in FY26. It has also set a revenue target of Rs 560 crore for the ongoing fiscal through organic growth and strategic acquisitions. “We are transforming lives and making diagnostics a first-line solution for millions who were previously underserved,” said Kandoi. The company plans to expand its presence to over 300 cities with 150 labs by FY28. According to startup data platform TheKredible, Redcliffe has raised $113 million to date, including a $42 million Series C round led by LeapFrog. It also acquired Bengaluru-based Celara Diagnostics in a $7 million deal. Redcliffe competes with players like PharmEasy-owned Thyrocare, Tata 1mg, and Healthians.

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