Funding Alert

StanPlus, a health firm based in Hyderabad, has raised $20 million in funding

• ByStartupStory     |    January 24, 2022

StanPlus, a health-tech business that guarantees patients an 8-minute ambulance ride, has secured $20 million in a debt and equity Series A round from healthcare venture capital firms HealthQuad and HealthX, as well as departing investor Kalaari Capital.

Sandeep Singhal of Avaana Capital and Prashant Malik of Cassandra also contributed to the round. N+1 Capital and Caspian Capital, on the other side, contributed to the debt.

The money will be used to expand the company’s operations to fresh geographies, improve technology, and hire more people.StanPlus, situated in Hyderabad, uses its technology platform to collect and standardise hospitals as well as small-town ambulances. It also has its own ambulance fleet that provides Advanced Life Support (ALS). It has ambulances and paramedics on its platform to provide patients with a 360-degree emergency care service.

In an interview with Moneycontrol, Prabhdeep Singh, the company’s founder and CEO, said that if groceries can be delivered in India in less than 10 minutes, so can ambulances. He added, “We are building a new age response system in the country. We want to bring down the response time below eight minutes.”

Ambulances in India currently have an average predicted arrival time of 18 minutes, according to Singh. Every minute that passes diminishes the patient’s chances of survival. StanPlus intends to open 500 hospitals and start its flagship ambulance service in 15 cities. It is now present in five cities. He estimates that India’s emergency response industry is worth $15 billion. This is, however, a very fragmented market.

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