Wednesday, May 22, 2024
HomeStart UpAmbulances startup Red.Health raises $20M in Series B funding

Ambulances startup Red.Health raises $20M in Series B funding

Red.Health, a startup providing medical emergency response by dispatching ambulances, secured $20 million in Series B funding through equity and debt.

Founder and CEO Prabhdeep Singh stated that approximately 80% of the raised amount comes from equity. Jungle Ventures led the investment and was joined by Alteria Capital, HealthQuad, and HealthX.

Based in Hyderabad, the startup plans to utilize the new funds to enhance its product, advance technology, and optimize its dispatch system. This aims to reduce human errors and to improve response time.  

The company is developing an AI-powered recommendation engine to offer response guidance during medical emergencies. The recently acquired funds will mainly fuel Red.Health expands across 40-50 cities and collaborates with over 500 hospitals.

Working closely with hospital networks like Fortis and Apollo Hospitals, the company furnishes them with ambulance fleets, workforce, and technology for operations. It also caters to corporate employers, providing ambulance services for employees and their dependents.

Presently, the startup operates with over 100 hospitals in 20 cities. Singh revealed that the company aims to double its revenue for FY25, having reported Rs 100 crore in revenue for the financial year ending March 2024.

“Since our last fundraise, we’ve made substantial strides in technology development, particularly in refining our dispatch system to ensure seamless operations without delays or errors. With this round, we’re set to scale operations in becoming a leading integrated medical emergency response platform in India,” Singh said. 

Established in 2016, Red.Health operates air and road ambulance services, addressing inter-city and intra-city requirements.

“We foresee that in the long term, every Indian should be able to access emergency response via just a click of a button. Leveraging our deep healthcare experience and network, we are excited to partner with Red.Health to build the most reliable emergency platform and ecosystem in India,” Seemant Jauhari, Partner, Healthcare at Jungle Ventures, said.

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