Medulance Makes History on Shark Tank India Season 2 with Record-breaking Rs. 2 Cr Deal at Valuation of Rs. 100 Cr
The company received investments from Namita Thapar, Aman Gupta, and Peeyush Bansal. Although Shark Amit Jain offered Rs. 5 crore for 5% equity, the Medulance founders chose to accept a lower amount and give 2% equity to the trio of Sharks.
New Delhi, Delhi, India:Medulance, India’s first Integrated Emergency Response Provider, made history on Shark Tank India Season 2 by being offered a whopping Rs. 5 crore for 5% equity. This is only the second time in the show’s history that such a huge amount has been offered to entrepreneurs by the Sharks. The founders, Pranav Bajaj and Ravjot Singh Arora, were offered the investment by Amit Jain, Co-founder and CEO of CarDekho Group, but they accepted a counter-offer of Rs. 2 crore for 2% equity from Sharks Namita Thapar, Aman Gupta, and Peeyush Bansal at a valuation of Rs. 100 crores.
Medulance is a fast and reliable first-point medical attention provider that operates a fleet of over 7,500 ambulances in more than 500 cities across India. During the show, the founders revealed that the company generated a revenue of Rs. 24 crore last year, with a 24% profit margin. Despite their impressive figures, the Medulance founders expressed that they needed the Sharks’ knowledge of building a business as much as the funding itself. All the Sharks on the show were eager to use 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.
Shark Tank India Season 2 aired on Sony Entertainment Television on February 17, 2023. Medulance’s success on the show has garnered attention and praise from viewers and the business community. The investment from Sharks Namita Thapar, Aman Gupta, and Peeyush Bansal will help Medulance expand its services and reach more customers across India and beyond. The show’s Sharks, who are all successful entrepreneurs themselves, will also provide invaluable guidance and advice to help the young founders achieve their business goals.
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.”
Medulance recently introduced a 5G smart ambulance in partnership with Reliance Jio, revolutionizing the emergency healthcare response services in India. This new ambulance allows real-time, two-way audio and video communication, ambulance tracking, and streaming of patient health data to a distant doctor via the high-speed 5G network.