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

EntrackrEntrackr · 1y ago
Ambulance startup Red.Health raises $20 Mn in Series B round
Medial

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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Exclusive: Pilgrim raises $9 Mn with 3X valuation surge

EntrackrEntrackr · 10m ago
Exclusive: Pilgrim raises $9 Mn with 3X valuation surge
Medial

Beauty and personal care D2C firm Pilgrim has raised Rs 75 crore (approximately $9 million) in its extended Series B round led by Fireside and Vertex Ventures. The board at Pilgrim has passed a special resolution to issue 854 Series B1 and B2 preference shares at an issue price of Rs 8,77 655 each to raise Rs 75 crore or $9 million, its regulatory filing accessed from the Registrar of Companies shows. Fireside and Vertex Ventures pumped in Rs 25 crore and Rs 23 crore, respectively. NSFO Ventures, Mirabilis Investment, and NABS Vriddhi cumulatively invested Rs 27 crore during the round. The company will use these proceeds for expansion and general corporate purposes as decided by the board, the filings further added. According to the startup data intelligence platform TheKredible, the company’s valuation has soared to approximately Rs 2,075 crore (around $250 million) post-allotment. This marks an over threefold increase from its last funding round, of $20 million where the company was valued at $75 million. The firm may raise more funds in this round. With the recent funding, Fireside Ventures remains the largest external stakeholder with a 23% stake, followed by Vertex Ventures, which holds 11.2%. NSFO Ventures and Mirabilis Investment command 5.57% and 2.81% stakes, respectively. Founded by Anurag Kedia in 2019, Pilgrim offers more than 90 SKUs across face care, haircare, and skincare products, and fragrances in over 25,000 pin codes. The company said that it offers a wide range of products curated with ingredients from France, Korea, Spain, Australia, the Amazon Rainforest, and Swiss glaciers. The five-year-old firm has raised around $35 million across rounds including its $20 million Series B led by Vertex Ventures in 2023. The company posted 4.47X growth in scale to Rs 76 crore in FY23 from Rs 17 crore in FY22. In pursuit of growth, its losses also jumped 3X to Rs 23 crore in FY23. Pilgrim is yet to file annual results for FY24.

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