Hyderabad-based startup StanPlus raises $20 million
Hyderabad: Hyderabad-based emergency medical response company StanPlus has raised $20 million in a massive 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.
Notably, this is the largest Series A funding raised in the healthcare sector. Overall, the capital infusion will be leveraged to scale up StanPlus’s operations to 500 hospitals, 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 >40 mins on average by other ambulance service providers.
Prabhdeep Singh, founder and CEO, StanPlus, 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!”
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