According to reports, diagnostic chain Redcliffe Labs has initiated the process of raising $200 million funds from private equity investors.

The company expects to complete the fund rise by the end of this year, as per the reports.

Dheeraj Jain, founder, Redcliffe Labs says, “We are at the start of the largest round of diagnostic financing of around $200 million. The proceeds will be largely used for inorganic expansion into radiology testing.”

Jain says, “We are very keen to acquire regional (radiology testing) chains that already have a footprint, so that we can bring our quality, aggression and latest technology, to scale up the business.”

According reports, there are at least 30-40 regional (radiology lab) assets in India. The company would be closer to becoming a unicorn with the infusion.

In May, Redcliffe has raised $61 million as part of series B led by LeapFrog Investments (LeapFrog), with participation from Healthquad, Schroders, LC Nueva, Growth Spark Ventures and existing investors Chiratae Ventures and Alkemi Venture Partners.

Redcliffe is the fastest growing diagnostic service provider, with a presence in more than 120 cities. It offers a holistic in-house end-to-end solution - right from the time of receiving a call, to the home collection, testing of the sample, generating report and mailing it further to the patient, every step is carefully and professionally executed by the experienced in-house team.

According to Jain, the investment will be used for pan-India expansion, providing low-cost but high quality direct-to-consumer (D2C) blood tests into tier 2, 3 and 4 towns and cities, along with scaling up Redcliffe's platform and increasing its product offerings to radiology, disease data profiling and lifestyle management.