[Funding alert] Healthcare startup Medfin raises Series A round led by HealthXCapital, Blume Ventures
Healthcare startup Medfin said on Thursday it had raised an undisclosed Series A funding round led by Singapore-based HealthXCapital and Blume Ventures.
Japan's Dream Incubator and existing investor Axilor — which had seed-funded the company in March 2019 — also participated in the round.
Medfin, which provides daycare surgical procedures with top doctors in India at affordable rates, said it will use the funds from the round to set up ambulatory care centres in the four cities it currently operates in — Bengaluru, Hyderabad, Chennai, and Pune. It also said it will use a portion of the funds to purchase high-end surgical equipment for daycare surgeries.
"Healthcare in Tier I India, especially in the secondary and tertiary provider business, has become laden with disincentives and lack of transparency. Hence, the cost of good quality care in the private sector is out of reach for most Indians. Medfin represents a new crop of healthcare companies in India which are focused on bringing transparency into the industry," said Arpita Agarwal, Director at Blume, commenting on the fundraise.
Founded by Arjun Kumar, Arun Kumar, and Sidharth Gurjar in 2017, Medfin has raised a seed funding round from Axilor and Ex-CEO and Managing Director of Infosys, SD Shibulal.
Medfin's founders, Arjun Kumar, Arun Kumar, and Sidharth Gurjar
The startup said that even though COVID-19 has accelerated the adoption of daycare surgeries, the shift actually began long before the pandemic. Since the lockdowns, Medfin says it has ramped up operations, and is tracking a 4X growth over the last year.
Medfin is primarily betting on people choosing to undergo surgeries at a daycare or an ambulatory care centre, which can help drastically reduce expenses and result in better patient outcomes.
"Indians will undergo nearly six crore surgeries this year. With rapid technological improvements, ~60 percent of all surgeries can be performed at day care / Ambulatory Care Centres (ASC). This brings down the costs for a wide range of procedures like varicose veins, fibroids, kidney stones, hernia, prostate, piles etc by ~40 percent with better patient outcomes," Arjun said in a press statement.