Private ambulance service provider StanPlus has raised $20 million through a combination of debt and equity.
A Series A funding round, it was led by Healthquad, Kalaari Capital and HealthX Capital Singapore. Pegasus (Hiranandani family office), Sandeep Singhal (Avaana) and Prashant Malik participated alongside a clutch of angel investors. The round also includes debt funding from N+1 capital. Additionally, $2 million has been raised from Grip Invest and will be utilised for leasing ambulances, the startup said in a release.
Overall, the capital infusion will be leveraged to scale up operations to 500 hospitals, launch the flagship Red Ambulance brand in 15 cities from the current five. The goal is to bring the ambulance ETAs down to eight minutes from the present 15 minutes by StanPlus and less than 40 mins on average by other ambulance service providers. Its hybrid fleet model allows for a quick scale up while maintaining world-class clinical standards, the company said.
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Founder and CEO Prabhdeep Singh 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.”