mfine, which offers online doctor consultation, is looking to grow its base of over 600 doctors and around 150 partner hospitals to 4,000 doctors and 500 hospitals by mid-2020, its co-founder Ashutosh Lawania told Financial Express Online.
“Currently we have 150 odd hospitals with over 600 doctors that we are targeting to grow to 500 hospitals and 4000 doctors by mid next year. Currently, we are in five cities and would be expanding to up to 10 cities,” said Lawania.
mfine, which is growing at 25-30 per cent month-on-month in terms of transactions — 1,000 per day, has raised Rs 31 crore in latest funding from venture debt provider Alteria Capital.
“We double down on opportunities where companies are performing visibly well,” said Vinod Murali, managing partner, Alteria Capital in a statement. Alteria is said to be India’s largest venture debt fund with Rs 800-crore corpus and a greenshoe option of Rs 200 crore.
The money will be spent on expanding network in other cities, getting more hospitals and speciality services onto the platform along with driving more demand from other cities, said Lawania.
Mfine also offers online medicine delivery and lab test services to customers based on the consultation they had with doctors.
mfine had raised $17.2 million in series B from SBI Investment, SBI Ven Capital, Stellaris Venture Partners and Prime Venture Partners in April this year.
mfine instead of aggregating doctors directly on the platform partners with hospitals to bring them on-board. The startup uses AI to diagnose and triage more than 1,200 common diseases, read various health parameters in the diagnostic reports to help doctors save time. The company will also be enhancing investments in AI, mobile engineering and hardware integration by three-fold.
With the latest round, its total funding raised stands at more than $28 million and has 300 employees in Bengaluru and Hyderabad.
Alteria Capital’s portfolio includes companies such as Faasos, Portea, Fingerlix, Toppr, Dunzo etc.
