StanPlus Technology Pvt. Ltd, which operates a startup focussed on medical response solutions for large hospitals, has raised $1.5 million (approximately Rs 11.13 crore at current exchange rates) in pre-Series A funding.
The round has been led by Pegasus FinInvest, an early-stage impact investment venture firm. Others that participated in the round include Hyderabad Angels and existing investors in the firm, StanPlus said in a statement.
StanPlus received around $500,000 of the funding in the form of debt from an established bank, the identity of which was not disclosed.
The investment was facilitated by BayTree, an online marketplace for impact investing. The Mumbai-based Legasis Partners assisted with diligence for the round.
The Hyderabad-based firm will use the funds to expand its services across India and move towards covering all medical response categories. Company CEO Prabhadeep Singh claimed the firm’s services were enabling hospitals to reduce their response times and ambulance redundancies.
“We are managing medical response for 10,000 beds and plant to take this to 50,000 beds in the next six months,” Singh added.
Separately, Pegasus FinInvest managing director Shridhar Narayan said the firm was confident in its investment in StanPlus because of its efforts to organise the ambulance services market.
“The owners of the fleets are unable to upgrade their ambulances because of demand spreading very thin,” Narayan said.
StanPlus was founded in 2016 by Singh, Antoine Poirson and Jose Leon, who are all graduates of business school INSEAD. The company provides ambulance services for emergency, non-emergency, and support sectors. Vehicles are equipped with life support systems, cardiac machines, and other patient care systems.
The startup currently maintains a fleet of over 350 ambulances and has partnered with hospitals and corporates in cities such as Hyderabad, Bengaluru, Kochi, and Mumbai.
In October 2017, the Hyderabad-based startup raised $1.1 million (around Rs 7 crore) in seed funding led by KStart Capital, the seed programme run by venture capital firm Kalaari Capital. CM Diamant, a hospital chain in Canada and Africa, and INSEAD Angels, Asia, also took part in the round.