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Red.Health Secures $20 Million in Series B Funding

Red.Health

Ambulance service provider Red.Health, formerly known as StanPlus, has raised $20 million in a Series B funding round. This latest investment, a combination of equity and debt, was led by Jungle Ventures, with additional participation from Alteria Capital and existing investors HealthQuad and HealthX.

The Hyderabad-based startup previously secured $20 million in its Series A round in January 2022, led by HealthQuad, Kalaari Capital, and HealthX. However, Kalaari Capital’s involvement in the Series B round has not been confirmed. Since its inception in 2016, Red.Health has amassed a total of $43 million across various funding rounds.

Red.Health plans to utilize the new funds to enhance its product offerings, advance its technology, and improve its dispatch system. The company currently collaborates with over 100 hospitals in 20 cities and aims to expand its services to 40-50 cities, partnering with over 500 hospitals.

Under the leadership of Prabhdeep Singh, Red.Health supports large hospitals, health apps, and wearable operators by providing emergency medical response services. In January of last year, the company rebranded and shifted its focus to four main areas: RED Ambulances, RED Assist, RED Priority Clinics, and RED Academy. Shortly after the rebranding, Red.Health launched air ambulance services in over 500 cities.

Despite these advancements, Red.Health has faced scaling challenges, as reported by The Morning Context and Mint, which also noted recent difficulties in paying employee salaries. The company reported a revenue of Rs 100 crore in FY24 and aims to double this figure in FY25. Red.Health’s Indian entity saw a 45% revenue increase to Rs 67 crore in FY23, up from Rs 46.13 crore in FY22, though losses also surged more than 20-fold to Rs 31.74 crore during this period.

In a competitive landscape, Red.Health faces rivals such as Dial4242, which announced its seed funding round in September 2023, as well as MeduLance, HelpNow, ESahai, AmbiPalm, and Mo Ambulance.