HomeBusinessEmergency Response Provider Medulance Wins Rs. 2 Cr Deal on Shark Tank India Season 2 at Valuation o...

Emergency Response Provider Medulance Wins Rs. 2 Cr Deal on Shark Tank India Season 2 at Valuation of Rs. 100 Cr

Reader's Pick

        Namita Thapar, Aman Gupta and Peeyush Bansal invest in the company

        Medulance founders were offered Rs. 5 crore for 5% equity from the Shark Amit Jain. They instead preferred the lower amount in return for 2% equity from three Sharkse lower amount in return for 2% equity from three Sharks

India's first Integrated Emergency Response Provider Medulance created history on television when it was offered a whopping Rs. 5 crore for 5% equity on the Shark Tank India Season 2 that aired on Sony Entertainment Television on Friday, February 17, 2023. This was only the second time in the history of the show that such a huge amount was offered to entrepreneurs by the Sharks.

Sharks Aman Gupta (BoAt), Namita Thapar (Emcure Pharmaceuticals) and Peeyush Bansal (Lenskart) along with Mr. Pranav Bajaj & Mr. Ravjot Singh Arora, Co-Founders of Medulance (L-R)

One of the Sharks, Amit Jain, the Co-founder and CEO of CarDekho Group, offered the Medulance founders Pranav Bajaj and Ravjot Singh Arora an investment of Rs. 5 Crore in exchange for 5% equity. The duo, however, accepted a counter-offer of Rs. 2 crore for 2% equity by the Sharks Namita Thapar (Emcure Pharmaceuticals), Aman Gupta (BoAt) and Peeyush Bansal (Lenskart), at a valuation of Rs 100 crores.

Medulance operates a fleet of 7,500+ ambulances in over 500 cities across India for fast and reliable first-point medical attention. The company generated a revenue of Rs. 24 crore last year, with a 24% profit margin, Pranav Bajaj and Ravjot Singh Arora revealed during the show. The remarkable figures led Shark Anupam Mittal (People Group) jokingly question the two young entrepreneurs about the need to participate in the show when they were already doing so well! To this, the Medulance founders quipped that they needed the Sharks' knowledge of building a business as much as the funding itself. All the Sharks on the show were keen on using their expertise and business acumen to help Medulance grow and become a billion-dollar enterprise, achieving its aim of expanding to all tier-3 cities across India and South-East Asia.

On receiving funding from Shark Tank India, Pranav Bajaj, Co-founder, Medulance, said, "We are delighted to receive funding on Shark Tank India Season 2. Over 30% of victims of road accidents and health emergencies in India lose their lives due to delay in receiving first-point medical attention. Rushing the patient to a medical facility in the shortest time possible, the so-called Golden Hour, is critical in saving lives. With our fleet of ambulances, we aim to reduce the response time to a medical emergency drastically. We know we are doing something important, so receiving validation of our work from the Sharks means the world to us. We plan to invest the amount to drive more innovation and expand our pan-India footprint."

Said Ravjot Singh Arora, Co-founder, Medulance, "The experience on the show was a roller coaster, but I am glad that the Sharks saw potential in our business which is providing a critical service to the people of India. It was a tough call to decline the fabulous Rs. 5 crore offer, one of the highest ever on Shark Tank, and opt for the Rs. 2 crore offer instead, but this was based on sound business sense. We now have the resources to help us reach our services to more people and organizations, and further scale our operations to more cities across the country. We look forward to saving even more lives in the years ahead." 

Ravjot Singh Arora narrated to the Sharks the story behind the founding of Medulance in 2017. He said, "The business plan for Medulance was made after suffering a personal loss. My father had to rush to the nearest hospital from our home to fetch an ambulance when my grandfather faced a serious health emergency. Unfortunately, due to delayed first-point medical attention, he couldn't be saved. This incident hurt me deeply and became the inspiration to start Medulance. Our mission is to make ambulances as accessible in every pin code in India as taxis and food delivery services. We do not want any more lives lost because first-point medical attention was not available on time."

Recently, Medulance launched a 5G smart connected ambulance in collaboration with Reliance Jio that allows real-time, two-way audio and video communication, ambulance tracking and real-time streaming of patient health data to a distant doctor over the high-speed 5G network, changing the future of emergency health response services in the country.

About Medulance Healthcare 

Medulance Healthcare is Indias first, Integrated Emergency Response provider with a fleet of 7,500+ ambulances for fast and reliable first-point medical attention, spread across 500+ cities in the country. It offers prompt, reliable, and efficient ambulance services that can be as convenient as finding a taxi. Driven by patient centricity and technology, Medulance aims at minimizing medical emergencies through its fleet of 7,500+ ambulances and skilled response in accordance with international standards.

To know more, please visit medulance.com.

Subscribe to our Newsletters

We don’t spam! Read our privacy policy for more info.

- Advertisement -

Read latest Business News and Startup news on TechGraph. Watch live and latest news on TechGraph TV. Follow us on Facebook or follow us on Twitter and Instagram. Listen audio news from TechGraph Briefings on Spotify, Google Podcast, Amazon Music & on Apple Podcast.

Latest News

Promoted Links

Related Stories

Paytm Payouts transfers Rs 1,500 crores

India-based e-wallet company, PayTM said, "Its Paytm Payouts has transferred ov...

Japan approves 26 trillion yen as economic stimulus package to combat overseas risks

Japan's cabinet approved an economic stimulus package worth 26 trillion yen ($2...

Sino-US trade war offers Europe’s chance to bank more Chinese reserves: Analysis

Should European countries want the euro to replace the dollar as the world's do...

Samsung Electronics asks its shareholders to use electronic voting for upcoming AGM

Technology giant Samsung Electronics has adopted electronic voting for the firs...

Rahul Gandhi hits on RCEP says, ‘Make in India’ has become ‘Buy from China’

Asserting that "Make in India" has become "Buy from China," Congress leader Rah...

Employees union seeks FIR against Jet Airways boss Naresh Goyal, Vinay Dube and on SBI Chairman

The employee union of Jet Airways, which is facing its worst crisis, Friday sou...

Rajesh Bysani joins Brainly as its new CPO

A New York headquarter peer-to-peer learning platform, Brainly has announced th...

Passwordless authentication platform 1Kosmos sees significant growth in India

1Kosmos, a leading multi-factor authentication solution provider has reported a...

Trustt Launches First Major GPT Product Suite for Banking Industry

Trustt - a leading SaaS cloud-based banking solution provider, today announ...

What is the Future of Newspapers in this Digital Age?

The advent of the Internet has revolutionized the way to consume information. T...