India-based healthtech startup mfine raised Rs 31 crore ($4.5 million at current exchange rate) in venture debt from Alteria Capital, an official statement said.
mfine had earlier raised $17.2 million in series B funding from SBI Investment, SBI Ven Capital, Stellaris Venture Partners and Prime Venture Partners.
“We are continuing to see traction in both provider network and consumer adoption,” said Prasad Kompalli, chief executive officer and co-founder, mfine.
“We are able to bring high-quality healthcare to users’ mobile-be it doctor consultations, medicine orders, diagnostics tests or digital tools. The recently closed series B and Alteria's current investment are an endorsement of our differentiation and potential to create a large scale health-tech business.”.
The startup has built a network of 160 hospitals across five cities, it said. Its care team of more than 80 in-house doctors works with its artificial intelligence (AI) system to offer the best possible diagnosis and care, the company said in its statement.
The AI engine has the ability to diagnose and decide the treatment procedures for over 1,200 common diseases and read hundreds of health parameters in the diagnostic reports, it added.
In June 2019, over 25,000 transactions were completed on mfine with the customer base growing 30% month over month, the statement added.
mfine is planning to bring together India's top 250 hospitals across 10 cities with more than 2,500 doctors on its virtual hospital platform. The company is planning to triple investments in AI, mobile engineering and hardware integration, the statement said.
The healthtech startup has raised over $28 million including the current funding round and has 300 employees in Bengaluru and Hyderabad. It plans to expand its hospital network in Delhi NCR, Mumbai, Chennai and Kolkata in the next six months.
“We double down on opportunities where companies are performing visibly well and provide frictionless access to capital,” said Vinod Murali, managing partner, Alteria Capital.
mfine was founded in February 2017 by Ashutosh Lawania, the co-founder of Myntra, along with Prasad Kompalli, the former business head at Myntra. The founders were later joined by Ajit Narayanan, former CTO at Myntra and Arjun Choudhary, former head of growth marketing at Myntra .