New Delhi, Sep 17 (PTI) Diagnostic services provider Redcliffe Labs on Tuesday said it has raised USD 42 million (about Rs 352 crore), which will be used for expansion across Tier II and III cities in India.

The funding round was led by Denmark's IFU (Investeringsfonden for Udviklingslande), which invested USD 20 million, followed by existing investor LeapFrog Investments with USD 15 million.

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Redcliffe's existing shareholders HealthQuad and Spark Growth Ventures also invested in the round.

"This fresh injection of capital will fuel Redcliffe's expansion plans, focusing on deepening its presence in Tier II and III cities across India," a company statement said.

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Founded in 2018, Redcliffe Labs offers services across more than 200 cities in India.

"With this raise, we're poised to increase accessibility to advanced diagnostic services across the nation with a commitment to empower individuals with the knowledge and tools they need to take charge of their health," Aditya Kandoi, founder and CEO, Redcliffe Labs, said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)