Ambulance Service Provider RED.Health Raises USD 20 Mn Led by Jungle Ventures The Hyderabad-based startup plans to provide new product lines and expand its services to over 40 Indian locations with the help of the additional funding.
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Ambulance service provider Red.Health (formerly StanPlus) announced that it has raised USD 20 million in a series B round (mix of equity and debt) led by Jungle Ventures. Alteria Capital and existing backers HealthQuad and HealthX also participated in the round.
o3 Capital served as RED.Health's and its shareholder's exclusive financial advisor during the transaction.
In January 2022, it raised USD 20 million in its Series A round led by Healthquad, Kalaari Capital, and HealthX.
As per the official release, the platform will use the fresh funds to further innovate its product, advance its technology, and improve its dispatch system to minimise human errors and optimise response time.
Prabhdeep Singh, Founder and CEO of RED.Health, said, "Since our last fundraise, we've made substantial strides in technology development, particularly in refining our dispatch system to ensure seamless operations without delays or errors. With this round, we're set to scale operations to become the only integrated medical emergency response platform in India."
Founded in 2016 by Prabhdeep Singh, RED.Health runs both air and road ambulance services, catering to both inter- and intra-city needs. The platform allows large hospitals, health apps, and wearable operators to enable plug-and-play medical response in case of an emergency.
The startup claims that it has already partnered with 100+ hospitals and 70+ enterprises across 20 cities in India. It aims to expand its services to 40–50 cities and partner with over 500 hospitals.
Additionally, its network comprises 6,000 Saathi road ambulances and 10 aircraft dedicated to air ambulance services.
Seemant Jauhari, Partner, Healthcare, at Jungle Ventures, said, "We foresee that in the long term, every Indian should be able to access emergency response via just a click of a button. Leveraging our deep healthcare experience and network, we are excited to partner with RED.Health to build the most reliable emergency platform and ecosystem in India."
