Mfine, a yet to be launched doctor consultation startup, has bagged $1.5 million (Rs 9.58 crore) in its first ever funding led by Stellaris Venture Partners. The round also saw participation of seasoned healthcare entrepreneurs Mayur Abhaya & Rohit M.A.
As part of the deal, Ritesh Banglani – a partner in Stellaris Venture – will join the board of Novocura Tech Health Services – the parent company of Mfine.
Mfine was founded earlier this year by former Myntra employee Prasad Kompalli and co-founder Ashutosh Lawania. They were later joined by Myntra’s CTO Ajit Narayanan, while Bengaluru based neuro-radiologist Dr. Jagadish Prasad also joined the board.
The startup has so far employed 35 staff members and plans to launch its app in Bengaluru by end of this month. Mfine will initially focus only on Bengaluru city, while expanding it to other cities is very much part of startup’s future plans.
The company plans to earn revenue by taking cut in consultation fees and has claimed to have signed up other revenue-sharing models with hospitals across the city.
Mfine will also offer special apps to doctors – similarly on the lines of Uber – that will allow them to chat or hold video conference with patients. Besides, Lawania informed the media that this app will also offer to doctors expertise suggestions on various diagnoses. For this purpose, the startup has collected reliable healthcare data’s from publicly available sources and several oncology chains.
With its soon to be launched app, Mfine will join scores of healthcare startups that are trying to disrupt the medical & health space through innovative & hi-tech technologies. The healthcare space includes big and well-funded startups such as Practo, Portea, Mitra Biotech, Medinfi and MedGenome.
Interestingly, Medinfi and MedGenome had raised funding’s barely few days backs in yet another sign that investors have lot of faith in the healthcare sector.