Red.Health, formerly StanPlus, has secured $20 million in its Series B funding round, marking another milestone in the company’s journey to revolutionize ambulance services. Led by Jungle Ventures, the round also saw participation from Alteria Capital and existing investors HealthQuad and HealthX.
This funding round follows a successful Series A round in January 2022, during which Red.Health raised $20 million, with HealthQuad, Kalaari Capital, and HealthX leading the investment. While Kalaari’s involvement in Series B remains unconfirmed, the total funds raised by Red.Health, since its inception in 2016, now stands at an impressive $43 million, spanning from Seed to Series B.
According to a recent press release, the Hyderabad-based startup plans to use this fresh injection of capital to enhance its product offerings, further develop its technology infrastructure and optimize its dispatch system.
Red.Health has made significant strides in healthcare, boasting partnerships with over 100 hospitals across 20 cities. The company aims to expand its footprint to 40-50 towns while ramping up collaborations with over 500 hospitals shortly.
Under Prabhdeep Singh’s leadership, Red Health has diversified its services beyond traditional ambulance response. The company operates under four verticals: RED Ambulances, RED Assist, RED Priority Clinics, and RED Academy. Its recent foray into air ambulance services, covering more than 500 cities, underscores its commitment to innovation and accessibility in emergency healthcare.
Despite its growth trajectory, recent reports have surfaced highlighting challenges for Red.Health in scaling its operations. Issues such as delayed employee salaries have been reported, raising concerns about the company’s operational sustainability.
However, Red.Health remains optimistic about its prospects. The company reported Rs 100 crore in revenue for FY24 and aims for a two-fold growth in FY25. At the same time, its losses widened to Rs 31.74 crore in FY23, Red.Health’s revenue saw a significant uptick, reaching Rs 67 crore, reflecting a 45% increase from the previous fiscal year.
In a competitive landscape, Red.Health faces competition from other ambulance startups such as Dial4242, MeduLance, HelpNow, ESahai, AmbiPalm, and Mo Ambulance. The emergence of these players underscores the growing demand for innovative emergency medical services across India.
As Red.Health continues to navigate challenges and expand its reach, and its commitment to providing reliable, efficient, and accessible healthcare services remains unwavering. With the latest funding round fueling its growth initiatives, the company is poised to make even more significant strides in reshaping the ambulance services landscape in India.
