mfine raises $4.2 m in Series A

An app-based on-demand healthcare service, mfine, has raised $4.2 million in Series A funding. Prime Venture Partners led the round alongside existing investors, Stellaris Venture Partners and healthcare entrepreneur, Mayur Abhaya.

The company will use the fresh funds to build the hospital network across cities, and further strengthen the technology team. The company is planning to achieve over 1 lakh consultations by the end of 2018 and also partner with more than 50 top hospitals across the country.

Launched in December 2017, mfine follows a unique model of partnering with leading hospitals instead of aggregating individual doctors on the platform. Top doctors from more than 15 leading hospitals in Bengaluru such as CloudNine, Aster, and Ovum consult with patients across nine specialties.

mfine was founded in February 2017 by Ashutosh Lawania (Myntra co-founder) and Prasad Kompalli, a former business head at Myntra. Within the first five months of launch, it has clocked more than 10,000 consultations. It has built an AI-powered technology system that improves doctors’ efficiency and effectiveness. The system is built on the foundation of standard medical ontologies and protocols, and is able to learn and replicate high quality diagnosis and treatment methods.

Prasad Kompalli, CEO and co-founder, mfine, said that they see a huge opportunity to bring the much needed, tech-driven transformation in the $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," he said.

Shripati Acharya, Managing Partner, Prime Venture Partners said, "Teleconsult and on-demand healthcare is poised to fundamentally transform healthcare delivery in India."