Red.Health, the ambulance service provider (formerly StanPlus), has raised $20 million in a debt and equity round led by Jungle Ventures. Alteria Capital and current backers HealthQuad and HealthX also participated in the Series B round.
In January 2022, Healthquad, Kalaari Capital, and HealthX led a $20 million Series A round for the Hyderabad-based startup. It was not possible to determine Kalaari’s involvement in Series B.
With this, since its founding in 2016, Red.Health has raised $43 million in funding through seed to series B rounds.
According to a press release from the company, Red.Health will use the additional funding to enhance its dispatch system, develop its product, and innovate it even further.
The startup states that it currently partners with more than 500 hospitals and works with over 100 hospitals in 20 cities. It hopes to expand its services to 40–50 cities.
Large hospitals, health apps, and wearable operators can enable plug-and-play medical response in an emergency by utilizing the technology led by Prabhdeep Singh.
The company underwent a rebranding exercise and pivot in January of last year. Four verticals—RED Ambulances, RED Assist, RED Priority Clinics, and RED Academy—are covered by the new model. The company also started offering air ambulance services in more than 500 cities not long after rebranding.
Red.Health is having trouble growing, according to a report from The Morning Context. According to a recent Mint report, the company is having trouble paying employee salaries.
Red.Health states that it generated revenue of Rs 100 crore in FY24 and plans to double that amount in FY25. The revenue of Red Health’s Indian subsidiary, which is registered in Singapore, increased by 45% to Rs 67 crore in FY23 from Rs 46.13Cr in FY22. Over a 20-fold increase in losses to Rs 31.74 crore was also reported by the company during that time.
Ambulance startup Dial4242 announced the details of its seed funding round in September 2023. Red.Health faces competition from MeduLance, HelpNow, ESahai, AmbiPalm, and Mo Ambulance in addition to DIAL 4242.
