Hyderabad-based StanPlus Tech which provides medical response services to large hospitals and corporates, has raised $ 1.5M in a pre-Series A funding round led by Pegasus FinInvest, with participation from Hyderabad Angels, existing investors, including $500K debt from an established bank. The round was facilitated by BayTree, an online marketplace for impact investing.
StanPlus provides end-to-end medical response solutions for large hospitals. This includes ambulance services for emergency, non-emergency, and afterlife support sectors. StanPlus will use the funds raised to expand across India and to cover all medical response categories in the near future.
“With StanPlus, a hospital’s response ETAs go down by 70% to an average of 9 minutes, and ER walk-ins increase by 3X. On top of this, we enable a hospital to reduce existing ambulance redundancies, decreasing costs by 99%. We are managing medical response for 10,000 beds and plan to take this 50,000 beds in next 6 months” said Prabhdeep Singh, CEO of StanPlus.
“Ambulance market in India is fragmented, and suffers from low asset utilisation. The owners of the fleets are unable to upgrade their ambulances because of demand spreading very thin. StanPlus aims to organize the market by standardising the fare, patient care, and the equipment.” said Shridhar Narayan, Managing Director of Pegasus FinInvest.
Commenting on the fundraising round, Ramesh Venkat, co-founder of BayTree said, “Every year, around 33% road accidents and 99% of cardiac arrests victims do not survive in India. Stanplus’s service will reduce the number of deaths significantly in such cases. BayTree continues to work with companies creating impact to help meet their capital needs.”
Law firm Legasis Partners assisted with diligence for the round.
StanPlus is building India’s largest private medical helpline to provide emergency response ambulance services. The ambulances are equipped with advanced life support (ASL) systems, basic life support (BSL) systems, cardiac machines, and other patient care systems with trained paramedics and staff on board. The company has a fleet of 350+ ambulances and has partnered with several hospitals and corporates in Hyderabad, Bangalore, Mumbai and Kochi.
About Pegasus FinInvest
Pegasus FinInvest through its maiden 300 cr Impact Investment fund "Pegasus India Evolving Opportunities Fund", focuses on investing in a range of sectors - Healthcare, Financial Inclusion/ FinTech, Education, Technology and Environment, among others. Pegasus invests with a view to support and encourage early stage entrepreneurs to build sustainable and scalable businesses.
BayTree is an online marketplace for socially motivated investors and entrepreneurs. Co-founded by Anuradha Bajaj and Ramesh Venkat, BayTree addresses a significant gap that is impeding the flow of impact capital. The firm works with a range of investors including high net-worth individuals, angel investors, family offices, foundations and funds looking to invest for profit with a purpose.