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StanPlus, the Hyderabad-based online ambulance aggregator, has reportedly raised USD 20 million in debt and equity during a funding round that was spearheaded by HealthQuad, Kalaari Capital, as well as HealthX Capital Singapore.
The fundraising also saw added participation from other investors such as Sandeep Singhal, the Senior Advisor at Avaana Capital, and the family office of Hiranandani Group, Pegasus. The debt was increased from N+1 capital, although the company is yet to comment on the proportion of debt in the overall funding mix.
StanPlus was founded in 2016 as a private ambulance provider that allows hospitals and health apps to enable plug-and-play medical response in case of an emergency. The ambulance is also integrated with medical devices & equipment such as cardiac machines and other essentials.
The ambulance aggregator will use the fresh investment to scale up their services to 500 hospitals as well as introduce the Red Ambulance brand in 15 more cities.
Prabhdeep Singh, the co-founder and CEO of StanPlus, stated that the company is focusing on the 8-minute ambulance standard, coined as the “First Minute, Last Mile Healthcare”. He also talked about how the company will invest in this capital fund to scale up its business across India and bring new talents to work on this mission.
Meanwhile, the Managing Director of Kalari Capital Vani Kola mentioned that StanPlus is one of the few companies in India that intends to make 15-minute emergency healthcare service a reality.
Charles Antoine, HealthQuad’s Chief Information Officer stated that StanPlus has developed an innovative platform that is quite consumer friendly, and it will respond to an emergency immediately which is already known to be rare in India.
StanPlus managed to raise around USD 1.5 million back in March 2020, which saw participation from Hyderabad Angel. Prior to this, the startup also raised approximately USD 11 million in seed funding from Kalaari’s seed venture, KStart Capital.
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