On-demand healthcare services startup Mfine is raising Rs 246.04 from existing shareholders in the ratio of their holdings. The company counts SBI Ven Capital, Beenext, Stellaris Venture Partners and Prime Venture Partners as its existing investors.
The fresh infusion would come at a time when Mfine has been witnessing a spurt in users and growth. As people have been avoiding going to hospitals due to the fear of contracting with the coronavirus, telemedicine services are much in demand.
Mfine has passed a special resolution to approve an offer and issue of 2,17,315 compulsorily convertible debentures at a nominal value of Rs 11,322 each to raise Rs 246.04 crore from existing shareholders, regulatory filings show.
Mfine has received the first tranche of Rs 29 crore from funds from Singapore-based CateTech Pte. The rest Rs 215 crore will be received in the course of the next couple of months. The platform offers professional diagnostics and health check-up services. Unlike aggregating individual doctors on the platform, it partners with top hospitals and runs an online consultation app.
Mfine had claimed an 8X rise in demand from states with a lower doctor-to-patient ratio in India between mid-March and June 2019. It claims to process 300,000 transactions every month. The three-year-old firm had generated a topline of Rs 12.23 crore during FY20 with more than half these collections being earned through interest on deposits and mutual fund returns.
The company’s actual revenue from operations also took a leap of 7.3X to Rs 5.12 crore in FY20 from only Rs 70 lakhs in FY19. It’s worth noting that Mfine’s co-founders Ashutosh Lawania and Prasad Kompalli got partial exit in September 2019. Mfine bought Rs 18.23 crore worth shares from the duo.