January 24, 2022 StanPlus, an emergency medical response company has raised $20 million in Series A investment. The round was led by marquee investors, including Healthquad, Kalaari Capital and HealthX Capital Singapore.
Pegasus, Sandeep Singhal (Avaana) and Prashant Malik also participated alongside a clutch of angel investors. The round also includes debt funding from N+1 capital. Additionally, the company raised $2 million from Grip Invest to be utilised for leasing ambulances.
Improving ambulance ETA
The capital infusion will be leveraged to scale up StanPlus’s operations to 500 hospitals and launch its flagship Red Ambulance brand in 15 cities from the current 5. The end goal is to bring the ambulance ETAs down to 8 minutes from the current 15 minutes by StanPlus and more than 40 minutes on average by other ambulance service providers.
Prabhdeep Singh, Founder & CEO, said, “In India, grocery is delivered in 10 minutes but ambulances take 45. At StanPlus, we are focusing on the 8-minute ambulance paradigm – I like to call it the ‘First Minute, Last Mile’ Healthcare. The capital will allow us to scale across India, bring amazing talent to work on this mission, and build world-first technologies!”
$15 billion industry
The emergency response industry in India is huge and valued at $15 billion. Addressing the gaps in the highly fragmented market, StanPlus has created the Red Health platform to allow large hospitals, employers, health-apps, wearables, cars and any other ecosystem player to enable plug-and-play medical response.
Charles- Antoine Janssen, CIO, HealthQuad said that, Stanplus has developed an innovative, tech-enabled platform to effectively address emergency responses and manage timely ambulance dispatches through its fleet of Red Ambulances. “We believe that this model could be rapidly scaled up across the country and has the potential to save millions of lives in the coming years. We are excited to back the company and look forward to supporting its objective of building quality ERS across India,” he added.