Indian startups are doing really well in the world market and same is the case with the healthcare Indian-based startup, Mfine which has just fetched $17.2 million Series B funding for its growth and development. Mfine is an Indian startup which makes people access doctors and healthcare using the internet.
Under the leadership of four co-founders of Myntra, Mfine is being run. Myntra is the fashion e-commerce website which was acquired by another Indian e-commerce giant, Flipkart in 2014. Four people handling this Indian startup Prasad Kompalli and Ashutosh Lawania and then were joined by Ajit Narayanan and Arjun Choudhary, Myntra’s former CTO after some time.
The funding round is going under SBI Investment of Japan which is being participated from SBI Ven Capital and another Japanese investor, Beenext. Stellaris Venture Partners and Prime Venture Partners which are backing Mfine up for last some years have also returned to follow on. Till now, Mfine has raised $23 whopping million.
As per Prasad Kompalli, “In India, at a macro-level, good doctors are far and few and distributed very unevenly.” In an interview with TechCrunch, he said, the fundamental motive of this platform is to make a large hospital on the cloud.
Mfine and other healthcare tech platforms
Although Mfine is not only the Indian healthcare tech platform. Practo has been doing it for quite some time and has raised over $180 million from investors. Tencent has been funding it for quite a time now and they both are running hand in hand. But, Mfine is different from Practo and focuses on partnerships with doctors, clinics, and hospitals. This is what makes Mfine different from other health tech platforms- especially the ones which offer sessions with doctors and healthcare professionals who are recruited by the platform itself on a daily basis.
Kompalli said, “We are entering a different phase of what is called health tech… the problems that are going to be solved will be much deeper in nature.”
Journey of Mfine
Mfine has been making money as an extension of its healthcare partners digitally. Mfine takes a cut of spendings from the users. The company says that it has been working with over 500 doctors from 100 ‘top’ hospitals and focus mainly on technology. Mfine claims that it has an AI-powered ‘virtual doctor’ which can help in different niches including keeping the diagnostic reports short, jotting down symptoms, advising and giving preventions and care. Other services by Mfine include medicine offer from the pharmacies which have a deal with the company.
Since the last 15 months, this Indian startup, Mfine claims that its platform has helped around one lakh users across 800 towns in India. Mfine claims that it is seeing around twenty grand users per month and consulting them with advice. Not only it increase the service and boost the productivity of GPs and this service also helps hospitals and clinics in increasing their revenue and profit. Kompalli said that the company is working to join hands with other corporate companies which can help them boost the healthcare needs and develop the life cycle of the platform. In the coming years, the platform can earn more than half the revenue of the total. He said, “This round is a real endorsement from global investors that the model is working.