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Diagnostics platform Redcliffe Labs is looking to scale up its operations with 250 laboratories and 10,000 collection centres by 2025 and plans to go public in 2025-26, according to its founder and Managing Director Dheeraj Jain.
The company, which commenced operations in 2018, has 81 laboratories and over 2,000 collection centres in small cities and towns.
Redcliffe Labs, which has raised USD 80 million so far, has set an ambitious target of having 700 laboratories and 25,000 collection centres by 2027-28.
In an interaction with PTI, Jain said the short-term target is to have 10,000 collection centres and 250 laboratories by 2025.
He noted that the majority of the expansion will be in Tier II, Tier III and Tier IV locations across states like Uttar Pradesh, Madhya Pradesh, Rajasthan, Bihar, Jharkhand and Chattisgarh which have less developed infrastructure for diagnostics.
"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," Jain said.
The company will also look at expanding specialized testing packages.
Jain said the company is well covered in terms of capital for now but may look at another round of funding by the end of this year or next year to take care of acquisitions to expand the radiology vertical.
Redcliffe, which generates revenues of around Rs 500 crore per annum, has invested Rs 450 crore between 2020-2023 to create the required infrastructures in terms of collection centres, laboratories and manpower.
It currently employs 3,000 people..
Jain noted that the company will probably break even later this year.
"In 2025-26 we may go public. It will help us to scale up the business," he noted.
Currently the promoter group has around 30 per cent stake in the diagnostics firm. Jain said there is immense potential in the diagnostics space with the segment doubling in the country every 4.5 years.
He noted that the focus on technology-enabled processes would help the company to scale up going ahead as well.
Redcliffe Labs has collaborated with Abbott India to introduce clinical decision support (CDS) also known as AlinIQ, powered by various proprietary technologies including Big Data Engines and Artificial Intelligence (AI). The initiative aims to enhance patient care and convenience.
