Emergency healthcare startup Medulance has raised $3 million in Series A funding led by Alkemi Growth Capital, the company announced on Tuesday. The funds raised will be deployed to increase the company’s presence across the country while focusing on emergency management technology to solve problems in the execution of services such as reducing emergency call answering time and emergency services response time in more than 500 cities in India, the company said in a statement.
The round also saw participation from Dexter Capital, boAt’s Aman Gupta, and Emcure Pharmaceuticals’ Namita Thapar. Medulance said it has raised the round after being a profitable bootstrapped company for six years.
Speaking on the fundraise, Pranav Bajaj, Co-founder and CEO, Medulance, said, “This funding marks an important milestone for Medulance. With the support of our investors, we are poised to scale our operations and further elevate the standards of emergency healthcare across India.”
Launched in 2017, the company offers corporate and public healthcare services from stationed ambulances to 5G smart medical clinics. The company has a fleet of 10,000 ambulances and 1,000 health experts. Through its recently launched Medulance Healthcare Academy, Medulance said it focuses on solving the quality training of the paramedic force in the emergency response space.
“In the next 15-18 months, Medulance plans to expand to over 1,000 cities in the country. The company also aims to establish public-private partnerships to extend its services to an additional 3-4 states in the coming years,” Medulance said.
“The infusion of capital into Medulance will enable it to expand its fleet, enhance its technology infrastructure, and improve its response times. This investment will also support the company in recruiting and training qualified medical professionals to ensure the highest standards of patient care,” said Alka Goel, Founder, Alkemi Growth Capital.
Importantly, the startup had raised Rs 2 crore in February last year for 2 per cent equity from Sharks Namita Thapar, Aman Gupta, and Lenskart’s Peeyush Bansal on Shark Tank India season 2 at a valuation of Rs 100 crore.