Medulance, a Delhi-based emergency ambulance operator, has closed a ₹24 crore extension to its Series A-2 round, the company announced Wednesday. The $2.5 million infusion, led by Auxano Capital with backing from Alkemi Growth Capital, Equentis, and several angel investors, pushes the startup's total capital raised past $5 million, according to Inc42.
The funding arrives at a moment when India's ambulance infrastructure remains patchy despite growing demand. Medulance operates a GPS-enabled booking platform that dispatches vehicles equipped with 5G connectivity, allowing patient vitals to be streamed in real time to hospitals before arrival. The company says it now manages more than 15,000 ambulances spread across 500-plus cities, fielding roughly 5,000 emergency calls daily.
Pranav Bajaj, who cofounded Medulance with Ravjot Singh Arora in 2017, framed the raise around responsiveness. "Emergency healthcare is ultimately about ensuring that help is available when it matters the most," he said in a statement.
The new capital will fund geographic expansion and fleet upgrades, particularly around connected ambulances and technology infrastructure. The company claims an average response time under 11 minutes and 95% uptime across its network. Medulance serves more than 8 million people and counts over 110 corporate and hospital clients.
Medulance's trajectory has been incremental but steady. It raised $3 million in a Series A round in April 2024, led by Alkemi Growth Capital, with participation from Dexter Capital and individual investors including boAt cofounder Aman Gupta and Emcure Pharmaceuticals executive director Namita Thapar, The Economic Times reported. Before that, the startup appeared on Shark Tank India's second season, securing ₹2 crore for 2% equity.
The company rolled out its first 5G-enabled "Smart Connected Ambulance" in partnership with Reliance Jio in October 2022, according to Telecom Economic Times. By June 2024, it had deployed 5G ambulances at Gleneagles Hospitals in Bengaluru, the company's LinkedIn indicates.
Brijesh Damodaran, a partner at Auxano Capital, described Medulance as addressing "a critical infrastructure gap" with a scalable, technology-led model. Auxano, an India-focused venture and angel fund, sees the bet as straddling both social impact and commercial viability.
The broader ambulance services market in India was valued at $5.5 billion in 2025 and is projected to hit $9.8 billion by 2034, growing at a 6.33% compound annual rate, per IMARC data cited by Inc42. Competition includes RED.Health (formerly StanPlus), which raised approximately $20 million in a Series B led by Jungle Ventures in May 2024, The Economic Times reported. Public-private operators like Ziqitza Healthcare, acquired by MUrgency Group for $110 million in 2022, and BVG India, which filed a draft prospectus in September 2025, also vie for market share.
Medulance says it has reached operational profitability, though it did not disclose revenue figures. The company plans to use the fresh capital to enter new cities while deepening its presence in existing markets, targeting both corporate clients and hospital partnerships.
Equentis, an angel fund and alternative investment firm, lists Medulance on its portfolio page with a deal month of March 2026—an apparent reference to this extension round's anticipated close date.
