Hyderabad: In what is being touted as one of the largest Series-A fundraises in the country’s healthcare sector, Hyderabad-based emergency medical services startup StanPlus has raised $20 million (approx ₹150 crore) from marquee investors such as HealthQuad, Kalaari Capital and HealthXCapital of Singapore.
In addition to these, Hiranandani family office — Pegasus, Sandeep Singhal of Avaana Capital and Limeroad co-founder Prashant Malik also participated in the funding round along with a clutch of angel investors.
This round also includes an undisclosed quantum of debt funding from N+1 Capital, which provides revenue-based growth capital.
In addition to the $20 million Series-A, StanPlus has also raised $2 million from Grip Invest that it will be utilising for leasing ambulances. StanPlus founder & CEO Prabhdeep Singh told TOI that the capital infusion will be leveraged to scale up operations to 500 hospitals and ramp up the presence of its flagship Red Ambulance services in 15 markets from the existing five cities.
“In India, grocery is delivered in 10 minutes but ambulances take 45 minutes. 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,” Singh said.
Elaborating on its decision to invest in StanPlus, Kalaari Capital’s managing director Vani Kola, said that while there has been a lot of buzz around quick-commerce and 15-minute grocery delivery, Stanplus is one company that has made 15-minute emergency healthcare services a reality in India.
Pointing out that fatality rates for road traffic accidents as well as cardiac and neurological emergencies in India are significantly higher than in the developed world primarily due to the lack of efficient medical emergency response systems, Charles Antoine Janssen, CIO, HealthQuad, said the innovative, tech-enabled platform developed by StanPlus can be rapidly scaled up and has the potential to save millions of lives.
Singh said StanPlus is on track to close the current fiscal 2021-22 with revenues of around $10 million (₹75 crore) and is targeting 3X growth in the coming fiscal year. The emergency response industry in India is valued at around $15 billion.
In addition to these, Hiranandani family office — Pegasus, Sandeep Singhal of Avaana Capital and Limeroad co-founder Prashant Malik also participated in the funding round along with a clutch of angel investors.
This round also includes an undisclosed quantum of debt funding from N+1 Capital, which provides revenue-based growth capital.
In addition to the $20 million Series-A, StanPlus has also raised $2 million from Grip Invest that it will be utilising for leasing ambulances. StanPlus founder & CEO Prabhdeep Singh told TOI that the capital infusion will be leveraged to scale up operations to 500 hospitals and ramp up the presence of its flagship Red Ambulance services in 15 markets from the existing five cities.
“In India, grocery is delivered in 10 minutes but ambulances take 45 minutes. 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,” Singh said.
Elaborating on its decision to invest in StanPlus, Kalaari Capital’s managing director Vani Kola, said that while there has been a lot of buzz around quick-commerce and 15-minute grocery delivery, Stanplus is one company that has made 15-minute emergency healthcare services a reality in India.
Pointing out that fatality rates for road traffic accidents as well as cardiac and neurological emergencies in India are significantly higher than in the developed world primarily due to the lack of efficient medical emergency response systems, Charles Antoine Janssen, CIO, HealthQuad, said the innovative, tech-enabled platform developed by StanPlus can be rapidly scaled up and has the potential to save millions of lives.
Singh said StanPlus is on track to close the current fiscal 2021-22 with revenues of around $10 million (₹75 crore) and is targeting 3X growth in the coming fiscal year. The emergency response industry in India is valued at around $15 billion.
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