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Diagnostics service provider Redcliffe Labs is planning to expand it’s operations by adding 250 laboratories and 10,000 collection centres by 2025, the company’s founder and managing director Dheeraj Jain stated on Sunday.
According to a PTI report, the company currently has 81 laboratories and more than 2,000 collection centres in small cities and towns. It plans to expand and has raised $80 million for the same. Jain noted that the long-term target for the company is to have 700 laboratories and 25,000 collection centres by 2027-28 and go public in 2025-26.
Elaborating on the expansion plans, Jain told PTI that the expansion will be focused in Tier II, Tier III and Tier IV regions in states where diagnostic infrastructure is less developed, like Uttar Pradesh, Madhya Pradesh, Rajasthan, Bihar, Jharkhand and Chattisgarh.
Jain added, “We are also looking at simplifying the reports with AI technology, going deeper in states where we are present now and also strengthening our presence in Maharashtra and Gujarat.”
Another area of expansion the company is looking at is specialised testing packages, the founder noted. He assured that the company’s current funding needs are completely fulfilled and it will be looking for more funding by the end of this year or next year.
Redcliffe has invested Rs 450 crore between 2020-23 in developing infrastructure including manpower, laboratories and collection centres. The company currently has a revenue of Rs 500 crore per annum, the report noted.
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Jain expects the company to break even by the end of this year and go public by 2025-26, which is estimated to help scale up the business. It currently provides employment to 3,000 people.
Talking about the growth scope of the diagnostics sector in the country, Jain noted that “with the segment doubling in the country every 4.5 years”, there is huge scope and demand and the focus has to be on using technology to provide better services.
Redcliffe Labs entered a partnership with Abbott India to bring clinical design support (CDS), also called AlinIQ, to the country. This technology intends to increase patient care and convenience and is powered by various proprietary technologies like Big Data Engines and Artificial Intelligence (AI).
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