Medfin is a Bengaluru-based healthcare start-up that focuses on guiding patients through day-care surgeries. Recently, the start-up has announced to raise an undisclosed amount of funds from Singapore-based health-tech investor, HealthXCapital.
The funding round was reportedly co-led by Indian early-stage investor, Blume Ventures that primarily focus on technology-based Indian start-ups for investments. Apart from this, the round also saw participation from existing investors; Bengaluru-based Venture Capital fund- Axilor Ventures and Japan-based Dream Incubator Inc.
Medical facilities in India have advanced with time but at the same time, its affordability for people especially the middle class and lower-middle class has become a tough call. Founded back in 2017 by Arun Kumar, Arjun Kumar and Sidharth Gurjar, Medfin works to provide affordable healthcare facilities and day-care surgeries for several treatments. It also makes available professional surgeons for medical procedures in several cities and all of this at an affordable cost when compared to private hospitals that charge a hefty amount.
On doing some research into the start-up, it was found that it offers treatments across categories such as gynaecology, endocrinology, vascular procedures, proctology, urology, orthopaedics, even plastic surgery and many more.
When asked about the funding, the start-up mentions utilising these freshly acquired funds to facilitate Ambulatory Care Centres (ASC) across Chennai, Bengaluru, Pune and Hyderabad. According to a report by Economic Times, the start-up also plans to procure high-end surgical equipment to carry out medical surgeries and procedures.
Arpit Agarwal, Director, Blume Ventures says that Medfin represents a new era of healthcare start-ups in India that is focused on bringing-in transparency across its operations which apparently the rest of the medical industry does not guarantee. He further says that the company leverages ‘a glut of supply of Operation Theatres and medical equipment” which ultimately reduces the cost of delivering a professional medical procedure.
Arjun Kumar, co-founder, Medfin says that India is most likely to undergo more than 6 crore medical surgeries this year and with rapid improvements in medical technology, about 600% of all procedures can be performed in Ambulatory Care Centres (which the company is planning to introduce in 4 Indian cities) and Day-care centres.
Furthermore, he says that this set-up would significantly bring down the cost of treatment for many common medical conditions like Kidney Stones, Hernia, Varicose veins, prostate, fibroids and piles and many more. He says that the cost will cut down at least 40% for all these procedures, making it more affordable.