Medical emergency response platform RED.Health, which claims to dispatch ambulances within eight minutes, has raised $20 million (Rs 167 crore) in its Series B funding round led by venture capital firm Jungle Ventures.
The funding round also saw participation from existing and new investors including HealthQuad, HealthX, and Alteria Capital.
The fresh funds will help RED.Health in developing technology-driven solutions for the emergency value chain, such as an auto-dispatch system that will minimise human errors and optimise response time, RED.Health said in a release.
RED.Health also plans to use a portion of the capital to expand its services across the country and introduce new product lines. The company, which is currently operating in 20 cities in India, plans to reach over 40 cities and partner with over 500 hospitals. It is also introducing a subscription-based model to provide quick and accessible medical assistance.
“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 the only integrated medical emergency response platform in India,” said Prabhdeep Singh, founder and CEO of RED.Health.
RED.Health was founded in 2016 as StanPlus and rebranded in 2023. In January 2022, it raised $20 million in a Series A round from investors such as HealthQuad and Kalaari Capital.
Over the years, RED.Health has added multiple modes of emergency scenarios and transportation, including air ambulance and road ambulance. It now manages a fleet of 450 ambulances. Additionally, its network comprises 6,000 road ambulances and 10 aircraft dedicated to air ambulance services. It has already partnered with more than 100 hospitals and over 70 enterprises to manage their medical response systems. It is also looking for expansion to serve patient transportation needs across and densely in the country.
RED.Health posted revenue of Rs 110 crore in the financial year through March 2024 and is now targeting an income of Rs 200 crore in FY25, said Singh.
O3 Capital acted as the exclusive financial advisor to RED.Health and its shareholders on the transaction.
