Healthtech AI startup mfine raises Rs 31 Cr in venture debt funding from Alteria Capital
In April this year, the healthcare venture had raised around Rs 118.64 crore ($17.2 million) as a part of its Series B funding round from SBI Investment, SBI Ven Capital, Stellaris Venture Partners, and Prime Venture Partners.
Bengaluru-based healthtech startup, mfine on Tuesday said that it has raised Rs 31 crore as venture debt from Alteria Capital.
The capital is expected to be leveraged for growth as the startup aims to expand its hospital network to Delhi NCR, Kolkata, Mumbai, Chennai in the next six months. In addition, mfine is also looking to onboard over 2500 doctors from 250 hospitals and reach an average of 150,000 consultations per month, in the next one year.
Earlier in April this year, the healthcare venture had raised around Rs 118.64 crores (or $17.2 million) as a part of its Series B funding round from SBI Investment, SBI Ven Capital, Stellaris Venture Partners and Prime Venture Partners.
Speaking on the debt raise, Prasad Kompalli, CEO and cofounder, mfine, said,
“At mfine we are continuing to see traction both in provider network and consumer adoption. We are able to bring high quality healthcare to users’ mobile, be it doctor consultations, medicine orders, diagnostics tests or digital tools. The recently closed series B and Alteria's current investment are an endorsement of our differentiation and potential to create a large-scale health-tech business.”
Founded in February 2017, by Myntra co-founder Ashutosh Lawania and former business head at Myntra, Prasad Kompalli, mfine is an AI-driven, on-demand healthcare service that provides its users access to virtual consultations and connected care programmes from the different hospitals, in the country.
Mfine’s mobile health platform partners with leading and trusted hospitals instead of aggregating individual doctors. And, mfine users can consult doctors from their preferred hospitals via chat or video to get prescriptions or routine care.
While, Vinod Murali, Managing Partner, Alteria Capital, said,
“We double down on opportunities where companies are performing visibly well and provide frictionless access to capital. We are very excited to have the opportunity to contribute further to the mfine journey in a substantive manner as they change the landscape of healthcare technology in India.”
In June alone, the startup claims that over 25,000 transactions were completed on mfine with the customer base growing at 30 percent month over month.
At present, mfine has a network of 160 hospitals, on its platform across 5 cities. Further, it has an employee base of 300, across Bengaluru and Hyderabad.
Additionally, mfine’s care team of more than 80 in-house doctors are working alongside the AI system, offering best possible diagnosis and care.
Tarush is driven towards delivering unbiased and accurate reportage while engaging with as many mediums as possible to narrate a fresh perspective. Working for the past few years in the digital space with YourStory, he has covered the Indian technology ecosystem extensively, focusing on new age Fintech companies, while building strong connects within the industry.