mfine raises venture debt from Alteria Capital

Bengaluru based health tech startup mfine has raised Rs 31 crore of venture debt from Alteria Capital. Armed with the new funds the startup which allows patients get access to quality healthcare remotely with the help of a smartphone, wants to expand its scope of operations.
The company intends to foray into Delhi NCR, Mumbai, Chennai and Kolkata with the help of the new funds. It had also raised equity funding to the tune of $ 17.2 million in its series B round.
The company has already built a network of 160 hospitals across five cities and assist specialist doctors from these hospitals with an AI led system to help them improve efficiency and increase effectiveness.
In the next 12 months, mfine intends to bring in India’s top 250 hospitals from 10 cities with more than 2500 doctors onto its virtual hospital platform. The company said that it will be tripling its investments in artificial intelligence, mobile engineering and hardware integration.
mfine was founded in February 2017 by Ashutosh Lawania, Myntra co-founder and Prasad Kompalli, a former business head at Myntra. The founders were later joined by Ajit Narayanan, ex-Myntra CTO, Arjun Choudhary, ex-Myntra head of growth marketing. Including the current funding round, the startup has raised over $28 million and has 300 employees in Bengaluru and Hyderabad.

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