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Ambulance startup Red.Health raises $20 Mn in Series B round

Entrackr

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Ambulance service provider Red.Health (formerly StanPlus) has scooped up $20 million in a mix of equity and debt round led by Jungle Ventures. The Series B round also saw participation from Alteria Capital, and existing backers HealthQuad and HealthX. The Hyderabad-based startup had scooped up $20 million in its Series A round led by Healthquad, Kalaari Capital, and HealthX in January 2022. The participation of Kalaari in Series B couldn’t be ascertained. With this, Red.Health has raked in $43 million across Seed to Series B round since its inception in 2016. Red.Health will use the fresh funds to further innovate its product, advance its technology, and improve its dispatch system, the company said in a press release. Currently, the startup claims to work 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 Prabhdeep Singh-led company allows large hospitals, health apps, as well as wearable operators to enable plug-and-play medical response in case of an emergency. In January last year, the company went through a rebranding exercise and pivot. Under 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. Meanwhile, The Morning Context’s report also 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 claims that it reported Rs 100 crore in revenue in FY24 and targets 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 46.13Cr in FY22. The company also recorded more than 20 fold jump in its losses to Rs 31.74 crore during the period. In September 2023, ambulance startup Dial4242 announced its seed funding round. BesidesDIAL 4242, Red.Health also competes with MeduLance, HelpNow, ESahai, AmbiPalm and Mo Ambulance, among others.

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