| Brand | Medulance |
| Company Name | Medulance Healthcare Private Limited |
| Founders | Pranav Bajaj, Ravjot Singh Arora |
| Original Ask | Rs. 2 crores for 1% equity at a valuation of Rs. 200 crores. |
| Deal | Rs. 2 crores for 2% equity at a valuation of Rs. 100 crores. |
About the Product
In an emergency medical situation, every second matters. The accessibility of emergency medical services and ambulances is essential for providing patients with life-saving care. Yet, finding an ambulance in a timely way might be difficult. This is where Medulance comes to the rescue.
Medulance is an innovative platform that provides a one-stop solution for all healthcare requirements, including ambulance services, in 20 minutes on average. It enables users to reserve an ambulance using a mobile application/website, and the nearest available ambulance is allocated to the user to ensure rapid emergency care.
Each of their ambulances is equipped with cutting-edge medical technology and staffed with highly qualified medical personnel. This guarantees that patients receive the highest standard of care while being transported to medical institutions.
Medulance delivers three subscription-based services.
- MeduERS: A Stationed Ambulance Service in which the ambulance is already placed at the location.
- MeduClinic: A medical room service staffed by doctors and paramedics is already established or installed in residential societies or corporates to provide first aid and basic life support services.
- MeduAlert: This is their prominent service that includes corporate personnel and their immediate 4 family members. This offers a specific ambulance or assistance line number to each company & its employee.
Founders & their story
Pranav Bajaj
Ravjot Singh Arora
Ravjot had personally faced these issues in his family when he lost his grandpa owing to a lack of adequate emergency ambulance services. That’s when he decided that he would do something to build a workable solution to solve this problem.
He then met Pranav through a common friend who also wanted to do something of his own. As a result, they started researching the emergency services in the country and the wider issues in emergency response & in the year 2017; they developed Medulance.
After launching the company, they realized there was a need to provide clients a voice of confidence, so they developed a 24-hour hotline number where individuals could speak with the executives and get information on the type of ambulance needed and when they could expect to get it.
About the company:
Medulance was developed in 2017 to facilitate the search for and booking of ambulances during medical emergencies. With cutting-edge technology and a user-friendly platform, Medulance has made it feasible for anybody to schedule an ambulance online or via their 24/7 hotline.
They are available in 60+ cities with more than 7500 Ambulances & Smart Ambulances. To date, they have saved 8 lakhs lives & have assisted more than 2 Lakhs’ covid patients. Their response time in Delhi is 11 minutes.
Moreover, Medulance is devoted to offering consumers economical ambulance services. They provide fair pricing with no hidden fees, allowing customers to budget conveniently for their medical transportation requirements.
Their MediAlert service has 60+ corporate partners with a subscriber base of 80 lakh employees.
Revenue:
They generated revenue of Rs. 24 crores in FY 21-22 with a net margin of 24%.
In FY 20-21, the sales were Rs. 15.7 crores with a net margin of 18%
Last month’s sales were Rs. 2.7 crores, and projected sales are Rs. 40 crores in FY 22-23 with a projected profit of 24%.
Founder’s Ask
Rs. 2 crores for 1% equity at a valuation of Rs. 200 crores.
Offers:
Namita & Aman’s combined offer was Rs. 1 crore for 1% equity at a valuation of Rs. 100 crores & Rs. 1 crore debt.
Amit’s offer was Rs. 5 crores for 10% equity at a valuation of Rs. 50 crores which he later revised to Rs. 5 crores for 5% equity at a valuation of Rs. 100 crores.
Peyush joined with Namita & Aman and offered Rs. 1 crore for 1% equity at a valuation of Rs. 100 crores & Rs. 1 crore debt.
After the founder’s counteroffer, Peyush, Namita & Aman revised their offer to Rs. 2 crores for 2% equity at a valuation of Rs. 100 crores.
Founder’s Counter Offer
Founder’s counter offer to Namita, Aman & Peyush was Rs. 2 crores for 1.5% equity at a valuation of Rs. 133.33 crores.
Final Deal
The deal was finalized with Peyush, Namita & Aman at Rs. 2 crores for 2% equity at a valuation of Rs. 100 crores.