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Red.Health, an ambulance startup, has raised $20 million in Series B funding. This investment aims to enhance their emergency medical services, support growth, and expand their reach.
Ambulance service provider Red.Health (formerly StanPlus) has secured $20 million in a combination of equity and debt in a Series B round led by Jungle Ventures. The round also saw participation from Alteria Capital and existing backers HealthQuad and HealthX.
The Hyderabad-based startup previously raised $20 million in its Series A round in January 2022, led by HealthQuad, Kalaari Capital, and HealthX. It’s unclear if Kalaari participated in the Series B round.
Since its inception in 2016, Red.Health has raised a total of $43 million from Seed to Series B rounds.
Red.Health will use the new funds to further innovate its product, enhance its technology, and improve its dispatch system, according to a press release.
Currently, the startup claims to work with over 100 hospitals in 20 cities and aims to expand its services to 40-50 cities and partner with over 500 hospitals.
Led by Prabhdeep Singh, the company enables large hospitals, health apps, and wearable operators to offer plug-and-play medical response in emergencies.
In January last year, Red.Health underwent a rebranding and pivot. Under the new model, it covers four verticals: RED Ambulances, RED Assist, RED Priority Clinics, and RED Academy. Shortly after rebranding, the firm launched air ambulance services in more than 500 cities.
Meanwhile, The Morning Context’s report highlighted that Red.Health is struggling to scale. A recent Mint report also mentioned that the firm is facing challenges in paying employees' salaries.
Red.Health claims to have reported Rs 100 crore in revenue for FY24 and is targeting two-fold growth for FY25. Registered in Singapore, Red Health’s Indian entity saw its revenue grow by 45% to Rs 67 crore in FY23 from Rs 46.13 crore in FY22. However, the company also recorded a more than 20-fold increase in its losses, reaching Rs 31.74 crore during the same period.
In September 2023, ambulance startup Dial4242 announced its seed funding round. Besides Dial4242, Red.Health competes with MeduLance, HelpNow, ESahai, AmbiPalm, and Mo Ambulance, among others.
Source: entrackr
