mfine raises Rs 31 crore in venture debt from Alteria Capital
The healthtech AI startup is set to expand hospital network to Delhi/NCR, Kolkata, Mumbai, Chennai in the next six months
In June, over 25,000 transactions were completed on mfine with the customer base growing 30 per cent month over month. In the next six months, mfine will foray into Delhi/NCR, Mumbai, Chennai and Kolkata. The company also recently raised $17.2 million in series B from SBI Investment, SBI Ven Capital, Stellaris Venture Partners and Prime Venture Partners.
mfine follows a unique model of partnering with leading and trusted hospitals instead of aggregating individual doctors on its platform. It has already built a network of 160 such hospitals across five cities. Specialist doctors from these hospitals are assisted by mfine’s AI system, improving their efficiency and effectiveness dramatically. mfine’s care team of more than 80 in-house doctors is working alongside the AI system, offering best possible diagnosis and care. The AI engine has the ability to diagnose and triage over 1,200 common diseases, read hundreds of health parameters in the diagnostic reports thus saving significant time for the doctors.
The startup aims to be one of the largest virtual hospitals in the world with services across primary care, secondary care and chronic care management including auxiliary services like medicine delivery and diagnostic tests. In the next 12 months, it will bring together India’s top 250 hospitals, from 10 cities with more than 2500 doctors onto its virtual hospital platform. The company will be tripling its investments in AI, mobile engineering and hardware integration.
Prasad Kompalli, CEO and Co-founder, 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.”
Adding to it, 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.”