Ambulence Service Startup Red.Health scoops up $20 million in Series B round
Emergency ambulance service providing platform Red.Health which was previously known as StanPlus has collected $20 million in a mix of equity and debt round led by Jungle Ventures. Few notableinvestors who also took part in the funding round were Alteria Capital, and existing backers HealthQuad and HealthX.
Previously, the startup which is primarily based in Hyderabad has lifted up $20 million in its Series A round. The round which was held at January 2022was led by Healthquad, Kalaari Capital, and HealthX. Though the participation of Kalaari capital in series A round was not clearly visible.
After this new funding round, Red.Health has accumulated a bulk amount which stood at $43 million aggregating its Seed to Series B round since its inception in 2016. In a media release the company explained, that they are willing to incorporate this newly secured fund to further modernize and upgrade its product, advance its technology, and improve its dispatch system.
The company declares that, they have already worked with over 100 hospitals in 20 cities and it aims to expand its sevrices to 40-50 cities and partner with over 500 hospitals.
The company is led by Prabhdeep Singh, who allows large hospitals, health apps, as well as wearable operators to enable plug-and-play medical response in case of an emergency.
During, last year January, the company went through a rebranding exercise and pivot. As part of the new model, it covers four verticals, including RED Ambulances, RED Assist, RED Priority Clinics, and RED Academy. Soon after the rebranding, the firm also launched air ambulance service in more than 500 cities.
Recently, the Morning Context’s report highlighted that Red.Health is struggling to scale. Recently, a Mint report also said that the firm is facing challenges to pay employees’ salaries.
Red.Health has stated that it disclosed a revenue of Rs 100 crore in FY24 and aims to achieve a two-fold growth for FY25. The Indian branch of Red Health, which is registered in Singapore, experienced a significant increase in revenue, growing by 45% to Rs 67 crore in FY23 from Rs 46.13 crore in FY22. However, the company also faced a substantial rise in losses, with a more than 20-fold jump to Rs 31.74 crore during the same period.
In September of 2023, Dial4242, an ambulance startup, made an announcement regarding its successful seed funding round. Alongside Dial4242, Red.Health is also a competitor in the market, facing off against other players such as MeduLance, HelpNow, ESahai, AmbiPalm, and Mo Ambulance, among various others.
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Previously, the startup which is primarily based in Hyderabad has lifted up $20 million in its Series A round. The round which was held at January 2022was led by Healthquad, Kalaari Capital, and HealthX. Though the participation of Kalaari capital in series A round was not clearly visible.
After this new funding round, Red.Health has accumulated a bulk amount which stood at $43 million aggregating its Seed to Series B round since its inception in 2016. In a media release the company explained, that they are willing to incorporate this newly secured fund to further modernize and upgrade its product, advance its technology, and improve its dispatch system.
The company declares that, they have already worked with over 100 hospitals in 20 cities and it aims to expand its sevrices to 40-50 cities and partner with over 500 hospitals.
The company is led by Prabhdeep Singh, who allows large hospitals, health apps, as well as wearable operators to enable plug-and-play medical response in case of an emergency.
During, last year January, the company went through a rebranding exercise and pivot. As part of the new model, it covers four verticals, including RED Ambulances, RED Assist, RED Priority Clinics, and RED Academy. Soon after the rebranding, the firm also launched air ambulance service in more than 500 cities.
Recently, the Morning Context’s report highlighted that Red.Health is struggling to scale. Recently, a Mint report also said that the firm is facing challenges to pay employees’ salaries.
Red.Health has stated that it disclosed a revenue of Rs 100 crore in FY24 and aims to achieve a two-fold growth for FY25. The Indian branch of Red Health, which is registered in Singapore, experienced a significant increase in revenue, growing by 45% to Rs 67 crore in FY23 from Rs 46.13 crore in FY22. However, the company also faced a substantial rise in losses, with a more than 20-fold jump to Rs 31.74 crore during the same period.
In September of 2023, Dial4242, an ambulance startup, made an announcement regarding its successful seed funding round. Alongside Dial4242, Red.Health is also a competitor in the market, facing off against other players such as MeduLance, HelpNow, ESahai, AmbiPalm, and Mo Ambulance, among various others.
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