Mfine, an india-based startup aiming to broaden access to doctors and healthcare by using the internet, has pulled in a $17.2 million successions B funding circular for growth.
The company is led by four co-founders from Myntra, the fashion commerce startup acquired by Flipkart in 2014. They include CEO Prasad Kompalli and Ashutosh Lawania who started the business in 2017 and were later joined by Ajit Narayanan and Arjun Choudhary, Myntra’s former CTO and head of growth, respectively.
The circular is led by Japan’s SBI Investment with participation from sibling fund SBI Ven Capital and another Japanese investor, Beenext. Existing Mfine backers Stellaris adventure Partners and Prime adventure Partners also returned to follow-on. Mfine has now raised nearly $23 million to date.
“In India, at a macro-level, good doctors are far and few and distributed very unevenly,” Kompalli said in an interview with TechCrunch. “We asked ‘Can we build a platform that is a very huge hospital on the cloud?,’ that’s the fundamental premise.”
There’s already plenty of cash in Indian healthtech platforms — Practo, for one, has raised more than $180 million from investors like Tencent — but Mfine differentiates itself with a focus on partnerships with hospitals and clinics, while others have offered more daily health communities that include remote sessions with doctors and healthcare professionals who are recruited independently of their day job.
“We are entering a disparate phase of what is named
healthtech… the problems that are going to be solved will be much deeper in nature,” Kompalli said in an interview with TechCrunch.
Mfine makes its cash as a digital continuation of its healthcare partners, essentially. That means it takes a cut of spending from consumers. The company claims to work with more than 500 doctors from 100 “top” hospitals, while there’s a huge focus on tech. In particular, it says that an ai-powered “virtual doctor” can aid in areas that include summarising diagnostic reports, narrowing down symptoms, providing care counsel and helping with preventative care. There are also other services, including medicine delivery from partner pharmacies.
To date, Mfine said that its platform has helped with more than 100,000 consultations across 800 towns in India during the last 15 months. It claims it is seeing around 20,000 consultations per month. Beyond helping increase the utilization of GPs — Mfine claims it can boost their productivity 3 to 4X — the service can also aid hospitals and centers increase their revenue, a valuable commodity for many.
Going forward, Kompalli said the company is increasing its efforts with corporate companies, where it can aid cover employee healthcare needs, and developing its insurance-style subscription service. Over the coming few years, that channel should account for around half of all revenue, he added.
a more immediate goal is to extend its offline work beyond Hyderabad and Bangalore, the two cities where it currently operates.
“This circular is a real endorsement from international investors that the version is working,” he added.