Healthcare platform Medfin has raised an undisclosed amount in Series A funding round led by Singapore-based healthtech venture capital fund HealthXCapital and early-stage fund Blume Ventures. Japan’s Dream Incubator and existing investor Axilor Ventures has also participated in the funding round.
Medfin will use this funding to set up Ambulatory Care Centres (ACS) or outpatient care centres across four cities it is operational in. This includes Bengaluru, Hyderabad, Chennai and Pune. The company also plans to use this capital for the procurement of high-end surgical equipment for daycare surgeries.
Commenting on the same, Medfin cofounder Arjun Kumar, said, “Indians will undergo around six crore surgeries this year. With rapid technological improvements, around 60% of all surgeries can be performed at day care/Ambulatory Care Centres (ASC). This brings down the costs for a wide range of procedures like varicose veins, fibroids, kidney stones, hernia, prostate, and piles among others by about 40% with better patient outcomes.”
Medfin has raised about $77 Mn in funding till date. Former CEO and managing director of Infosys SD Shibulal is also an investor in the company in his personal capacity. He is also one of the cofounders of Axilor Ventures, along with Kris Gopalakrishnan, Tarun Khanna, Srinath Batni and Ganapathy Venugopal.
Founded in 2011 by Arjun Kumar, Arun Kumar and Sidharth Gurjar, Medfin is a healthcare startup that provides daycare surgical procedures at affordable rates. According to the company’s website, it has completed 33,745 consultations across 5 cities and 2,850 surgeries. The company claims that it has helped its customers save INR 1.54 Cr consultation cost and INR 12 Cr surgery cost.
“Healthcare in Tier I India, especially in the secondary and tertiary provider business, has become laden with disincentives and lack of transparency. Hence, the cost of good quality care in the private sector is out of reach for most Indians. Medfin represents a new crop of healthcare companies in India that are focused on bringing transparency into the industry,” said Arpita Agarwal, Director at Blume Ventures.
Similar to Medfin, Gurugram-based Pristyn Care also works in the same healthtech segment. It offers affordable advanced surgical care to patients. The platform has performed over 10,000 surgeries till date. It competes with are Zoctr and Portea Medical.
According to Inc42+ estimates, healthtech startups raised $453 Mn across 76 deals between January to December 15, 2020. There are a total of 4,892 startups in the Indian healthtech space. Inc42+ also estimated that the total market size of the healthcare industry in India stood at $202 Bn in 2019.