Red.Health, a Hyderabad-based firm, plans to utilize the new funding to innovate its product, advance its technology, and improve its dispatch system in order to reduce human errors and optimize response time.
Red.Health, a medical emergency response business that sends ambulances, earned $20 million in Series B fundraising through a combination of equity and debt.
Founder and CEO Prabhdeep Singh told ET that the stock portion accounts for roughly 80% of the total amount raised. Jungle Ventures led the investment, which included Alteria Capital, HealthQuad, and HealthX.
Red.Health has raised $43 million from Seed to Series B rounds since its launch in 2016.
The Hyderabad-based business plans to use the new funding to further innovate its product, advance its technology and improve its dispatch system in order to reduce human errors and optimize response time.
The company is also working on an artificial intelligence-powered recommendation engine to deliver response prompts in medical situations. The newly collected funds will primarily be used to expand Red. Health services into 40-50 locations and collaborates with over 500 hospitals.
The company collaborates with hospital networks like as Fortis and Apollo Hospitals to supply them with a fleet of ambulances as well as the necessary staff and technology to operate. It also receives business from corporate employers that require ambulance services for their employees and dependents.
In January of last year, the company underwent a rebranding and turnaround. The new model includes four verticals: RED Ambulances, RED Assist, RED Priority Clinics, and RED Academy. Soon after the rebranding, the company introduced air ambulance service in over 500 cities.
The startup currently operates at a scale of over 100 hospitals across 20 locations. Singh stated that the company expects to quadruple its revenue in FY25 after reporting Rs 100 crore in revenue for the fiscal year ended March 2024.
According to ET, “Since our last fundraising campaign, we’ve made significant progress in technology development, particularly in refining our dispatch system to ensure smooth operations with no delays or errors. “With this round, we plan to scale operations and become India’s leading integrated medical emergency response platform,” Singh added.
Red. Health, founded in 2016, provides both air and road ambulance services to meet inter- and intra-city demands.
According to ET, “We envision that, in the long run, every Indian should be able to access emergency response with the click of a button.” We are pleased to collaborate with Red. Health to create the most trustworthy emergency platform and ecosystem in India, leveraging our extensive healthcare knowledge and network,” said Seemant Jauhari, Partner of healthcare at Jungle Ventures.
