Emergency response provider Medulance has raised ₹2 crore from the Sharks Namita Thapar (Emcure Pharmaceuticals), Aman Gupta (BoAt) and Peeyush Bansal (Lenskart), at a valuation of ₹100 crore.
Medulance operates a fleet of 7,500+ ambulances in over 500 cities across India for fast first-point medical attention. The company generated a revenue of ₹24 crore last year, with a 24 per cent profit margin.
On receiving funding from Shark Tank India, Pranav Bajaj, Co-Founder, Medulance, said: “We are delighted to receive funding on Shark Tank India Season 2. Over 30 per cent of victims of road accidents and health emergencies in India lose their lives due to delay in receiving first-point medical attention. Rushing the patient to a medical facility in the shortest time possible, the so-called Golden Hour, is critical in saving lives. With our fleet of ambulances, we aim to reduce the response time to a medical emergency drastically. We know we are doing something important, so receiving validation of our work from the Sharks means the world to us. We plan to invest the amount to drive more innovation and expand our pan-India footprint.”
Adding to this, Ravjot Singh Arora, Co-Founder, Medulance said, “The experience on the show was a roller coaster, but I am glad that the Sharks saw potential in our business which is providing a critical service to the people of India. It was a tough call to decline the fabulous ₹5 crore offer, one of the highest ever on Shark Tank, and opt for the ₹2 crore offer instead, but this was based on sound business sense. We now have the resources to help us reach our services to more people and organizations, and further scale our operations to more cities across the country. We look forward to saving even more lives in the years ahead.”
The business plan for Medulance was made in 2017, after cofounder Arora suffered a personal loss. The company’s mission is to make ambulances as accessible in every pin code in India as taxis and food delivery services. Recently, Medulance launched a 5G smart connected ambulance in collaboration with Reliance Jio that allows two-way audio and video communication, ambulance tracking and real-time streaming of patient health data to a distant doctor over the 5G network.