StanPlus, a health-tech business that guarantees patients an 8-minute ambulance hospital visit, has secured $20 million in a Series A round from HealthQuad and HealthX, as well as departing investor Kalaari Capital, in a combination of debt and shares.
Sandeep Singhal of Avaana Capital and Prashant Malik of Cassandra also joined the round as investors. N+1 Capital and Caspian Capital, on the other side, provided debt. The money will be used to extend the company’s activities into other areas, improve technology, and hire more people.
StanPlus, situated in Hyderabad, uses its technology platform to collect and standardise hospitals and small-town ambulances. It also owns and operates an ALS (Advance life support) ambulance fleet. Ambulances and paramedics are available on the platform to provide patients with complete emergency care.
“We are building a new age response system in the country. We want to bring down the response time below eight minutes,” Prabhdeep Singh, founder and chief executive officer told media adding that if groceries can be delivered in India in less than 10 minutes so can ambulances.
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.
“Stanplus has developed an innovative, tech-enabled platform to address emergency responses and manage timely ambulance dispatches through its fleet of Red Ambulances. We believe that this model could be rapidly scaled up across the country and has the potential to save millions of lives in the coming years,” said Charles Antoine Janssen, Chief Investment Officer of HealthQuad.
The corporation also intends to establish a star number, similar to 911 in the United States, to address patients’ emergency requirements.
