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Jul, 02 2019

Health tech startup raises venture debt to enter metro cities

mfine intends to bring in India's top 250 hospitals from 10 cities with over 2500 doctors onto its virtual hospital platform in the next 12 months.

Health tech startup mfine has raised Rs 31 crore of venture debt from Alteria Capital. With this, the Bengaluru-based company intends to enter into Delhi NCR, Mumbai, Chennai and Kolkata.

The new funds will allow the startup to expand its scope of operations. mfine permits patients get access to quality healthcare remotely with the help of a smartphone.

The company had also raised equity funding to the tune of $ 17.2 million in its series B round.

mfine intends to bring in India's top 250 hospitals from 10 cities with over 2500 doctors onto its virtual hospital platform in the next 12 months. The company has already built a network of 160 hospitals across five cities.

Prasad Kompalli, CEO and Co-Founder, mfine, said, “At mfine, we are continuing to see traction both in the 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.”

Vinod Murali, Managing Partner, Alteria Capital, added, “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.”

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