mfine Raises Rs 31 crore in venture debt from Alteria Capital

mfine, a health-tech AI startup that enables virtual medical consultations, has raised Rs 31 crore as venture debt from Alteria Capital, India’s largest venture debt fund.

"The investment is a testament to mfine’s continued growth in India. In June alone, over 25,000 transactions were completed on mfine with the customer base growing 30 per cent month over month. In the next six months, mfine will foray into Delhi NCR, Mumbai, Chennai and Kolkata. mfine also recently raised $17.2M in series B from SBI Investment, SBI Ven Capital, Stellaris Venture Partners and Prime Venture Partners," the company stated.

According to the company, mfine follows a unique model of partnering with leading and trusted hospitals instead of aggregating individual doctors on its platform. It has already built a network of 160 such hospitals across 5 cities. Hospital partnerships enable the startup to make high quality care of trusted doctors available on a digital channel. Specialist doctors from these hospitals are assisted by mfine’s AI system, improving their efficiency & effectiveness dramatically.

mfine’s care team of more than 80 in-house doctors are working alongside the AI system, offering best possible diagnosis and care. The AI engine has the ability to diagnose and triage over 1200 common diseases, read hundreds of health parameters in the diagnostic reports thus saving significant time for the doctors.

Prasad Kompalli, CEO & co-founder, mfine, said, "At mfine we are continuing to see traction both in provider network and consumer adoption. 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."

"We double down on opportunities where companies are performing visibly well and provide frictionless access to capital. We are very excited to have the opportunity to contribute further to the mfine journey in a substantive manner as they change the landscape of healthcare technology in India," Vinod Murali, Managing Partner, Alteria Capital.

By EP News Bureau

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