Chhavideep Singh
Source: Telangana Today
Mfine is a Bengaluru-based health-technology start-up that has recently raised INR 246 crore funding from multiple existing shareholders.
According to regulatory filings as mentioned in a report by entrackr, the healthcare start-up has passed a special resolution to approve issue of 2,17,315 Compulsorily Convertible Debentures at a nominal value of INR 11,322 per debenture to raise a total of INR 246.04 crore.
Founded back in 2107 by Ajit Narayanan, Prasad Kompalli and Ashutosh Lawania, Mfine offers and Artificial intelligence-based online doctor consultation mobile application. This AI-powered technology is leveraged to guide the doctor by analysing the symptoms of the patient to deliver an accurate prognosis to the specialist doctor that is available to assess the patient. This simply means that the doctors will have an accurate idea of the symptoms shown by the patient even before they know it. This makes the diagnosis faster and quicker for both the patient and the doctor.
Now, because of the COVID-19 pandemic and the threat of the virus, people are refraining from going to the hospitals to get a professional diagnosis of their problems. This fresh infusion of funding for Mfine comes at a very good time as the platform has been experiencing a spurt in monthly users. This scenario in the country has made telemedicine facilities and services a primary source for patient-doctor appointments and such businesses are very much in demand from the past many months.
According to a report by entrackr, Mfine claims to have witnessed eight times more demand from cities where the patient to doctor ratio is lower than other cities in India back in 2019. The company also claims to process over 300,000 transactions on a monthly basis because of the rise in demand.
Furthermore, Mfine aims to make trusted healthcare facilities fast, proactive and simple. The platform leverages technology in combination with best-in-class partnerships with top hospitals and clinic, Mfine application is designed keeping consumer experience at focus. This platform lets you connect with top doctors for professional diagnosis so that you can keep your health parameters and other relevant data easily under your control and easily accessible through Mfine.
Reports suggest that Mfine has received INR 29 crore from CateTech Pte as its first tranche of funding and the rest of the amount i.e., INR 215 crore will be transferred within the next few months. According to company profile on CrunchBase, Mfine counts Alteria Capital, Prime Venture Partners, Stellaris Venture Partners and SBI Ven Capital as its existing investors.
Besides, the total funding raised by Mfine till date amounts to USD 32.8 million in over five financing rounds.