Medfin, a platform focussed on day-care surgeries, has raised Series A capital from a clutch of investors, including existing backer Axilor Ventures.
Operated by Medops Technology Pvt Ltd, Medfin has raised funding in a round led by Singapore-based HealthXCapital and Blume Ventures. Other participants in this round include Japan-based Dream Incubator and Axilor.
Bengaluru-based Medfin did not disclose the amount it has raised. Prior to this round, VCCircle in March last year exclusively reported that the firm had raised seed capital from Axilor, which is led by Infosys co-founders Kris Gopalakrishnan and SD Shibulal.
Medfin was set up in 2017 by Arjun Kumar, Arun Kumar, and Sidharth Gurjar. Prior to this, Arjun Kumar had co-founded Housejoy, while Gurjar was part of its leadership team. Arun Kumar was part of the team at greenfield-focussed entrepreneurship platform GrowthStory.
The health-tech firm 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.
Medfin will use the capital for setting up ambulatory care centres (ASCs) across the four cities it currently operates in – Bengaluru, Hyderabad, Chennai, and Pune. The startup will also use the capital for the procurement of surgical equipment for day-care surgeries.
In a statement, Arjun Kumar said nearly 60% of all surgeries can be performed at day-care centres and ASCs owing to technological advances. This will help in reducing costs for procedures including varicose veins, fibroids, kidney stones, and hernia.
“Medfin represents a new crop of healthcare companies in India which are focused on bringing transparency into the industry,” Blume Ventures director Arpit Agarwal said.
Deals in health-tech
Several health-tech firms have raised capital this year, with the Covid-19 pandemic having brought more public and investor attention to the segment.
Earlier this month, radiology platform 5C Network (India) Pvt Ltd raised $1.2 million (Rs 8.84 crore) pre-Series A funding from existing investors Unitus Ventures and Axilor Ventures.
Also this month, self-diagnosis focussed NeoDocs Technologies raised pre-seed funding in a round led by 9Unicorns, the fund set up by incubator and accelerator Venture Catalysts.
In October, patient-centric disease management and diagnostics firm Acculi Labs Pvt. Ltd mopped up Rs 5 crore (around $700,000) in seed funding. The company raised this capital from PirE Ventures.