StanPlus secured $1.5 mn in extended seed funding round
Hyderabad based startup, StanPlus technology, which owns and operates medical transportation platform, has now secured $1.5 million in the extended seed funding round led by the Pegasus FinInvest.
Angel Network Hyderabad Angels Forum for Entrepreneurs Development and some returning investors also participated in the funding round, said the announcement. The returning investors include angel network Kstart Capital, INSEAD Angels Asia, and CM Diamant and others.
The company also secured $500000 in debt from a bank whose identity was not disclosed.
“With StanPlus, an ambulance’s estimated time of arrival to the hospital goes down 70% to an average of nine minutes, and emergency room walk-ins increase three times. On top of this, we enable a hospital to reduce existing ambulance redundancies, decreasing costs by 99%. We are managing medical responses for 10,000 beds and plan to take this to 50,000 in the next six months” Prabhdeep Singh, CEO, StanPlus, said.
“The ambulance market in India is fragmented and suffers from low asset utilisation. The owners of the fleet are unable to upgrade their ambulances because of demand spreading very thin. StanPlus aims to organise the market by standardising the fare, patient care and the equipment,” Shridhar Narayan, managing director of lead investor Pegasus FinInvest, said.