BENGALURU : Red.Health, a healthtech startup backed by Kalaari Capital, has secured $20 million in a Series B funding round, in a combination of equity and debt, led by Singapore-based venture capital firm Jungle Ventures.
The round also saw participation from both existing and new investors, including HealthQuad, HealthX, and Alteria Capital, the company announced on Wednesday.
This fresh injection of capital comes as a significant relief for Bengaluru-based Red.Health, which has faced considerable financial challenges over the past year. These struggles led to layoffs towards the end of last year and delays in salary payments earlier this year.
Mint had exclusively reported on the company’s salary delays in February.
“The fresh funds will allow for investments in developing technology-driven solutions for the emergency value chain, such as an auto-dispatch system that will minimize human errors and optimize response time,” the company said.
“The company’s AI-powered triage allows for the right hospital selection and immediate vital sharing with the first responders. The company aims to deploy its state technology across hospitals and employers in India, on top of its full-stack response system,” it added.
Chief business officer, Shalabh Dang, who was hired in 2022 as chief revenue officer to expand the company’s business verticals and footprint, left the company in February this year.
Dang hadn’t responded to Mint’s earlier inquiries about his departure.
With the new funding, Red.Health plans to expand its presence from the current 20 cities to 40 cities across India, partnering with over 500 hospitals and introducing new product lines.
The company also announced plans to introduce a subscription-based model “that promises quick and accessible medical assistance, eliminating complexities of pricing variations that exist in the market.”
Red.Health is an emergency response platform that aggregates ambulances, including its own fleet and partnerships with local ambulance vendors, claiming an average response time of eight minutes.
In January 2022, the startup raised about $20 million in Series A, which was then termed the largest Series A funding raised in the healthcare sector.
o3 Capital acted as the exclusive financial advisor to Red.Health and its shareholders on the latest transaction.
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Published: 15 May 2024, 06:01 PM IST
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