In order to expand its presence and introduce service in new cities, healthcare startup mFine has raised $4.2 million in Series A round of funding led by Prime Ventures Partners. Existing investors Stellaris Venture Partners and angel investor Mayur Abhaya Srisrimal also participated in this round.
Bangalore based mFine was founded by Prasad Kompalli and Ashutosh Lawania in 2017. The startup offers on-demand consultation to the required patient by connecting with doctors over video chat on the app. The company previously raised $1.5 million from Stellaris Venture Partners, and healthcare entrepreneurs Mayur Abhaya and Rohit M.A. in September 2017.
Prasad Kompalli, Co-founder and CEO, mFine said, “We see a huge opportunity to bring the much needed, tech-driven transformation in the USD 50 billion primary healthcare delivery. With our deeply tech driven approach and working with reputed providers, we are effectively creating a ‘cloud clinic’ where quality healthcare can be accessed on demand from anywhere. We believe we can scale this across the country and beyond and help people gain much more control over their health.”
mFine partners with leading hospitals and speciality healthcare chains, instead of directly aggregating doctors, which it bills as a differentiator that allows mFine to offer high-quality service.
Currently, the startup provides its services in Bengaluru and has partnered with more than 15 hospitals including CloudNine, Aster, and Ovum.
Shripati Acharya, Managing Partner, Prime Venture Partners said, “Teleconsult and on-demand healthcare is poised to fundamentally transform healthcare delivery in India. mFine has taken an innovative hospital-first approach where experienced doctors and specialists from established hospital brands are available directly on the app. It is backed by a stellar team with passionate founders who have deep experience building startups and getting them to scale and succeed.”
In about five months since its launch, mFine claims it has facilitated over 10,000 doctor-patient consultations. And with the fresh capital startup aims to build larger hospital network, and facilitate over 100,000 consultations on its platform by the year-end.