Funding profile · Diagnostics, India

Redcliffe Labs

About $115 million reported across four rounds since 2021. One Form D on file in the United States, for $46,933,880 sold to 15 investors. Here is the arithmetic, and where filing and announcement part company.

$46.9MSold on the only Form D on file, all of the offering, Aug 2022
$115MReported across four rounds, 2021 to 2024, company and press reported
$3.13MAverage per investor on the Form D, 15 investors
Rs 419 CrFY25 operating revenue, company reported, up 20 percent

Data as of September 22, 2026. Company-reported figures are labeled.

Rounds at a glance

When Round Amount Investors Source
Mar 2021 Pre Series A about $2M Alkemi Venture Partners, Y Combinator, LetsVenture Reported
Apr 2021 Series A $10M Not itemised in coverage Reported
Jan to May 2022 Series B $61M announced; $46,933,880 sold per Form D LeapFrog Investments (lead), HealthQuad, Schroders, LC Nueva, Growth Spark Ventures, Chiratae Ventures, Alkemi Venture Partners Form D + press
Sep 2024 Series C $42M IFU (lead, $20M), LeapFrog ($15M), HealthQuad, Spark Growth Ventures Reported
Oct 2024 Acquisition of Celara Diagnostics, Bengaluru up to Rs 60 crore, about $7M Two Bengaluru centres Reported

What the filings show

Redcliffe Lifetech Inc · Form D · filed Aug 8, 2022

First sale
Jan 10, 2022
Offered
$46,933,880 equity
Sold
$46,933,880 · $0 remaining
Investors
15 · average about $3,128,925
Minimum investment
$102,500
Exemption
Rule 506(b), no non-accredited investors
Sales compensation
o3 Capital Global Private Limited · $1,540,097 commission, $0 finders fees
Revenue range
No Revenues
Related persons
Aditya Kandoi, director, Delhi
Issuer
Delaware corporation, incorporated 2021
Filing
SEC EDGAR, CIK 0001941551

Redcliffe Lifetech Inc · Form D/A · filed Aug 9, 2022

Change
Revenue range corrected to $5,000,001 to $25,000,000
Amounts
Unchanged: $46,933,880 offered, $46,933,880 sold, 15 investors
Signed by
Aditya Kandoi, director, Aug 9, 2022
Filing
SEC EDGAR, accession 0001941551-22-000003

Reading the filings

  1. The notice was seven months late.First sale was January 10, 2022. The Form D reached EDGAR on August 8, 2022, 210 days later. Regulation D asks for the notice within 15 days of the first sale. The round was announced on May 6, three months before the filing appeared.
  2. Fifteen cheques, about $3.13 million each.$46,933,880 divided by 15 investors is $3,128,925. The stated minimum was $102,500, about a thirtieth of that average. The named participants are institutions.
  3. The announcement and the filing differ by about $14 million.The Series B was reported at $61 million by the Economic Times, Entrackr and Inc42. The Form D records $46,933,880 offered and the same amount sold, nothing remaining. The gap is $14,066,120, about 23 percent. A Form D covers only what the Delaware issuer sold under Regulation D; capital raised into the Indian operating company, or under another exemption, would not appear. The gap is not a shortfall, but the US filing is not the whole round.
  4. The revenue box was fixed the next day.The original filing ticked No Revenues. The amendment, one day later, ticked $5,000,001 to $25,000,000. Operating revenue for the year to March 2022 was later reported at Rs 130 crore, which fits that bracket. Three months earlier, founder Dheeraj Jain had told the Economic Times the annualised run rate was $55 million to $60 million and that he expected $100 million by September 2022. The bracket the company certified sits well below the run rate it described to reporters, and FY23 revenue came in at Rs 313.86 crore.
  5. The broker took 3.28 percent.o3 Capital Global Private Limited, named by Inc42 as financial advisor on the Series B, is listed as receiving $1,540,097 of sales commission, 3.28 percent of the amount sold. Finders fees were zero and no proceeds went to officers or directors.
  6. One name on the notice, and it is not the then chief executive.The only related person on both filings is Aditya Kandoi, a director at a Delhi address. Dheeraj Jain, who ran the company until December 2024, does not appear. The Series C governance additions, Ankur Shah and Alka Saxena, came two years later and have no Form D of their own.
  7. Nothing has been filed since.The $42 million Series C closed in September 2024 and no Form D followed under CIK 0001941551. If it went into the Indian entity, or was raised under Section 4(a)(2), none would be required. On the US record this company has raised once.

Commercial signals

Signal Detail Source type
Revenue Rs 419 crore FY25, up 20 percent. Registrar of Companies statements show Rs 348.38 crore FY24 and Rs 313.86 crore FY23. Public record
Losses Rs 345 crore FY23, Rs 250 crore FY24 on the filed accounts. EBITDA margin reported at minus 21 percent in FY25 against minus 38 percent. Company-stated
Cash Cash and bank balances of Rs 15.87 crore and current assets of Rs 89.64 crore at FY24, before the Series C. Public record
Accreditation Noida facility listed as NABL accredited in the CGHS empanelment record. The company site claims labs are NABL compliant from day one, which is a different thing. Wording differs
Consolidation Celara Diagnostics, Bengaluru, board approved at up to Rs 60 crore in October 2024. The Series C release said talks with other chains were advanced. Independent
Scale 80 labs, over 2,000 collection centres, 220 cities, 2.5 million cases in FY25, over 70 percent of volume from Tier II and beyond. Not audited. Company-stated

What to watch

  • Any new Form D under CIK 0001941551. None has been filed since August 2022.
  • Registrar of Companies filings for FY25 and FY26, and whether they match the press releases.
  • The Rs 560 crore FY26 target and the claim of EBITDA positive quarters from the second half of FY26.
  • The IPO question. VCCircle reported in October 2024 that the timeline had been pushed, but the article is paywalled and the revised date is not in the public excerpt.
  • Further acquisitions, which the company says it is pursuing and has completed twice.

The Redcliffe Labs story on Healthcare DiscoveryHealthcare Discovery

Related companies

  • Zealth: Shared investor: Chiratae Ventures. A Singapore and Mumbai company that built CareShare, software for watching cancer patients between hospital visits
  • Orange Health Labs: Also in Diagnostics. An Indian diagnostics company that draws blood at home in under an hour and returns reports in six
  • Probably Genetic: Also in Diagnostics. An online symptom checker, a saliva kit in the mail, and a genetic test the patient never pays for
  • Scanbase: Also in Diagnostics. An API that turns a phone photo of a rapid diagnostic test into a result, sold to the companies that make and ship the tests

Sources

  1. Public recordForm D, Redcliffe Lifetech Inc, accession 0001941551-22-000002SEC EDGAR · Aug 8, 2022
  2. Public recordForm D/A, Redcliffe Lifetech Inc, accession 0001941551-22-000003SEC EDGAR · Aug 9, 2022
  3. Public recordCGHS empanelment entry, Redcliffe labs, NoidaCentral Government Health Scheme · accessed Sep 2026
  4. IndependentRedcliffe Lifetech raises $61 Mn led by LeapFrogEntrackr · May 6, 2022
  5. IndependentRedcliffe Lifetech raises $61 million led by LeapFrogThe Economic Times · May 2022
  6. IndependentLeapFrog Leads $61 Mn Series B Funding In RedcliffeInc42 · May 6, 2022
  7. IndependentRedcliffe Labs raises $42 Mn in Series C roundEntrackr · Sep 17, 2024
  8. IndependentRedcliffe Labs crosses Rs 350 Cr revenue in FY24Entrackr · Dec 10, 2024
  9. IndependentRedcliffe Labs posts Rs 419 Cr revenue in FY25Entrackr · Jul 8, 2025
  10. IndependentRedcliffe Labs CEO Kandoi on IPO timelineVCCircle · Oct 18, 2024, paywalled
  11. IndependentRedcliffe Labs acquires Celara DiagnosticsETHealthworld · Oct 4, 2024

Compiled from SEC and other public records and published reports as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Indian rupee figures are reported as filed or published and are not converted. Healthcare Venture Capital Fund holds no position in Redcliffe Lifetech Inc or Redcliffe Labs. This page is not an offer to sell or a recommendation to buy any security.