Mfine raises $4.2 million from Prime Venture Partners, others
Mfine will use the funding from Prime Venture to expand its presence in Bengaluru and introduce service in new cities
New Delhi: Consumer healthcare app Mfine has raised $4.2 million in a pre-series A round led by Prime Venture Partners, to expand its presence in Bengaluru and introduce service in new cities.
Mfine is operated by Novocura Tech Health Services Pvt. Ltd, a Bengaluru start-up founded in February 2017 by Ashutosh Lawania, co-founder at Myntra (now owned by Flipkart), and Prasad Kompalli, the fashion retailer’s former technology and business head.
The company, which introduced its app in December 2017, raised $1.5 million from Stellaris Venture Partners, and healthcare entrepreneurs Mayur Abhaya and Rohit M.A. in September last year. Stellaris and Abhaya also invested in the latest round, the company said.
Mfine offers on-demand consultation with doctors over video chat on the app. It partners with leading hospitals and specialty healthcare chains, instead of directly aggregating doctors, which it bills as a differentiator that allows Mfine to offer high-quality service.
Mfine has partnerships with 15 hospitals in Bengaluru such as CloudNine, Aster, and Ovum and capability to offer consultation for nine specialties. For hospitals, the app serves as a channel to funnel new patients.
“Teleconsult and on-demand healthcare is poised to transform healthcare delivery. Mfine has taken an innovative hospital-first approach where experienced doctors and specialists from established hospital brands are available directly on the app,” said Shripati Acharya, managing partner at Prime Venture Partners.
In about five months since its launch, mfine claims it has facilitated over 10,000 doctor-patient consultations.
It plans to use the proceeds from the new rounds to market its platform and support the expansion of the tech stack and hospital partnerships.
The company has set its sight on 100,000 consultations, and to have the country’s top 50 hospitals on its platform by the year-end. It is also working on soon-to-be-launched features like monitoring health vitals on the app and a facility to call for lab tests and medicine delivery at home.
“We see a huge opportunity to bring the much needed, tech-driven transformation in the $50 bn primary healthcare delivery. With our deeply tech-driven approach and working with reputed providers, we are effectively creating a ‘cloud clinic’ where quality healthcare can be accessed on demand from anywhere,” said Kompalli, chief executive officer at mfine.