Bengaluru-based Mfine, a health tech startup has raised $1.5 million in its first round led by Stellaris Venture Partners.
The startup founded by former Myntra executives Prasad Kompalli and Ashutosh Lawania, also saw participation from Mayur Abhaya and Rohit MA, healthcare entrepreneurs from Stellaris’ Founder Network in the funding round, reports ET.
Operated by Novocura Tech Health Services Pvt. Ltd, Mfine will use the funds for product development and to meet working capital requirements.
Following the investment, Stellaris Partner Ritesh Banglani has joined the company’s board, which sees a huge opportunity to build a consumer-focused digital health platform in India
Founded in February 2017, Mfine has built an online consultation app which will have a network of reputed hospitals and the app is expected to go live in September. The company is partnering with hospitals like Cloudnine Group, Ovum Hospitals and Femiint Health and is also in talks with some other hospitals in Bengaluru.
Via chat window feature, patients can consult doctors from hospitals on the platform’s network. They can also collect samples for lab tests and order medicines from the comfort of their home.
“Mfine’s artificial intelligence engine will help provide a proactive care experience for patients and enable healthcare providers to engage patients in long-term care programmes,” said Ashutosh Lawania. “This year, we want to focus on Bengaluru and then move on to other cities.”
The duo are joined at Mfine by former Myntra CTO Ajit Narayanan and Arjun Chaudhary, who was previously the head of digital marketing at Myntra, making four out of its 15-member team. The team also includes Dr Jagadish Prasad, interventional neuroradiologist and founder of Femiint Health.
Of late, health-tech startups have managed a decent funding record. Earlier, Touchkin, raised $1.3 million from Kae Capital and a clutch of investors. Gurugram-based digital health startup 1mg secured $15 million in Series C round led by HBM Healthcare Investment. Another health-tech startup Doxper raised $750,000 in its seed round of investment led by Vidal Healthcare and GrowX Ventures.