SUMMARY
Post This Investment, Stellaris Venture Partners' Founding Partner Ritesh Banglani Will Join The Mfine Company Board
Bengaluru-based healthtech platform Mfine has raised $1.5 Mn funding led by Stellaris Venture Partners. The round also saw participation from Mayur Abhaya and Rohit MA, healthcare entrepreneurs from Stellaris’ Founder Network.
Stellaris Venture Partners is an early-stage, technology focussed venture capital firm. Alok Goyal, Rahul Chowdhri and Ritesh Banglani, the founding partners of the firm. Post this investment, Stellaris partner Ritesh Banglani has joined the company’s board. In the past, the partners have invested in market leaders such as Taxiforsure, Bigbasket, Shopclues, Axtria, Lifecell and Simplilearn.
Commenting on the investment in Mfine, Ritesh Banglani, Partner at Stellaris said, “We’re delighted to partner with Prasad (Kompalli) and Ashutosh (Lawania) on their mission to take quality healthcare beyond the hospital’s walls. The seasoned founding team brings together scale execution experience and deep technology expertise to create a unique AI application in healthcare.”
Mfine was founded by former Myntra executives Prasad Kompalli and Ashutosh Lawania. At Myntra, Lawania was one of the co-founders and Kompalli was the Chief Business Officer. The duo was joined at Mfine by former Myntra CTO Ajit Narayanan and Arjun Chaudhary, former head of Digital Marketing at Myntra.
Talking about the product, co-founder Ashutosh Lawania said, “Mfine’s AI engine will help provide a proactive care experience for patients and enable healthcare providers to engage patients in long-term care programmes.”
The healthtech startup offers patients access to online consultations and care programs from different hospitals. The startup is collaborating with hospitals like Cloudnine Group, Ovum Hospitals and Femiint health increase the reach, and provide standardised care for patients. Mfine’s AI platform helps improve doctor productivity and quality of diagnosis. The consumer app for Mfine will be launched in Bengaluru in September 2017.
The startup offers examinations, sample collections for lab tests and medicine ordering at the comfort of user’s home. It maintains medical records, sends health reminders and updates based on AI-powered data. It also tracks and follows up on medical conditions of the users.
Earlier today, Sequoia Capital-backed 1mg acquired competitor Dawailelo for an undisclosed amount. Other players that have a healthtech platform, apart from Mfine, include NetMeds, CareOnGo, Practo, etc. The recent round of funding from Stellaris Venture Partners will enable Mfine to focus on its app launch and increase its outreach by partnering with more hospitals.
