Ambulance startup StanPlus on Monday announced that it has raised $20 million (around Rs 148 crore) in a Series A funding round led by Healthquad, Kalaari Capital, and HealthX Singapore. The financing round also saw the participation of Pegasus, the family office of Hiranandani Group; Sandeep Singhal, senior adviser at Avaana Capital, and other angel investors. The capital also includes debt funding from N+1 capital.
The Hyderbad-headquartered company announced that it would use the proceeds to scale operations to 500 hospitals and launch its flagship Red Ambulance brand in 15 cities from five currently. The platform aims to reduce the expected time of arrivals of ambulances from 15 minutes to 8 minutes.
“In India, groceries are delivered in 10 minutes, but ambulances take 45 minutes. At StanPlus, we are focusing on the 8-minute ambulance paradigm—I like to call it the ‘First Minute, Last Mile’ Healthcare,” said Prabhdeep Singh, cofounder and CEO of StanPlus.
Founded in 2016, StanPlus is a private ambulance service provider, and allows large hospitals, health apps, as well as wearable operators to enable plug-and-play medical response in case of an emergency. The company operates fleet in the name of red ambulances that can be booked online or through phone.
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Regarding the development, StanPlus co-founder and CEO Prabhdeep Singh told Economic Times: “In India, groceries are delivered in 10 minutes, but ambulances take 45 minutes. At StanPlus, we are focusing on the 8-minute ambulance paradigm—I like to call it the ‘First Minute, Last Mile’ Healthcare. The capital will allow us to scale across India, as well as bring amazing talent to work on this mission.”
Last year, the company had announced its plan to add 3,000 ambulances with advance life support (ALS) system in three years across 30 cities in India with a cumulative investment of around Rs 900 crore.
In March 2020, the company had raised $1.5 million, with participation from Hyderabad Angels. Prior to that, the company raised $1.1 million in seed funding from Kalaari’s seed programme, KStart Capital.