Day-care surgeries focused Medfin on Monday said it has secured Series B funding of $15 million
from Arka Nxt, Singapore-based HealthXCapital, Blume Ventures, Axilor Ventures, Sony and Kotak Investments.
The company, operated by Medops Technology Pvt Ltd, plans to use the fresh capital for expansion in over 25 cities across the country.
It also aims to invest the money in research and development, technology, process and hiring, so that it can offer patients a one-stop comprehensive service platform for more than 250 types of day care surgeries.
Medfin offers patients a platform that enables access to the latest surgical treatment procedures at affordable prices. The platform offers surgeries across departments from ophthalmology to orthopaedics, it said.
Founded in 2017 by Arjun Kumar, Arun Kumar and Sidharth Gurjar, the brand claims to be present in major cities across the country and said that it offers over 250 day-care surgical procedures.
Medfin said it helps patients navigate the entire surgical and related diagnostics processes, including connecting them with surgeons, finding the right course of treatment, performing cost estimates, and insurance coverage checks.
“A large part of the population in India falls in the low to medium income bracket and daycare surgeries can really benefit them,” said Arjun Kumar, Founder and Chief Executive Officer at Medfin.
“At Medfin we combine value-based care, advanced technology, and superior patient experience to deliver better health outcomes while containing costs,” Kumar added.
The company had last raised funds in December 2020, when it got $4 million in a funding round led by Singapore-based HealthXCapital and Blume Ventures along with participation from Japan-based Dream Incubator and Axilor.
Since the last round of funding, Medfin said it has expanded to cover more cities and also introduce many more day care surgeries across departments.
The company also claims to have completed over 5,000 surgeries and said that it plans to complete 100,000 surgeries by 2024.
“What Medfin is doing will redefine surgical care in India. They are well on their way to becoming India’s largest day-care surgery provider. We are happy to partner with them in this journey,” said Vikram Kailas from Arka Nxt Ventures.
Medfin’s fundraise comes at a time when India’s surgical care sector is booming. Medfin said that the sector is expected to grow at a compounded annual growth rate of 22% between 2016 and 2022 and is expected to hit $100 billion by end of 2022.
The company said that in India, elective surgeries become emergency surgeries because patients wait till the eleventh hour, mostly due to the hassles and expenses involved in the process, and thus it is betting on providing hassle-free and affordable services.
“With variable quality, outcomes, pricing plaguing healthcare services the patient is often confused and lacks trust. Medfin is simplifying this by providing a one-stop-shop which handholds the patient across one's journey with a standardized service.
Balancing access with great outcomes enables patient trust! This is key to Medfin and sets them apart from other such providers,” said Seemant Jauhari, on behalf of HealthXCapital.
