Medfin, a health sector startup, said on Thursday it had raised an undisclosed Series A funding cycle, led by HealthXCapital and Blume Ventures. Dream Incubator from Japan and existing investor Axilor, which funded the company in March 2019, also took part in the round.
The Bengaluru based startup intends to use the funds raised to set up ambulatory care centres in four cities where it is currently operational, including Bengaluru, Hyderabad, Chennai and Pune. Company also stated that they would use some of the funds to purchase high-end surgical equipment for day care surgeries.
Founded in 2011 by Arjun Kumar, Arun Kumar and Sidharth Jaguar, Medfin has collected a total of $77 million in financing so far. Medfin provides users to access different treatment options and expert surgeons for their medical procedures at an affordable cost in their city. SD Shibulal, Former CEO & MD of Infosys, is also an investor in the company.
The startup said that while COVID-19 has accelerated the adoption of daycare surgeries, the change actually began long before the pandemic. Since the lockdown, Medfin claims that it has stepped up its activities and is growing 4X during the past year. Medfin focuses primarily on individuals who choose to undergo surgery at daycare or ambulatory care centre, which can drastically reduce expenses and lead to better outcomes for patients.
Arjun, Cofounder Medfin said in a press statement “Indians will undergo nearly six crore surgeries this year. With rapid technological improvements, 60 per cent of all surgeries can be performed at daycare or Ambulatory Care Centres. This brings down the costs for a wide range of procedures like varicose veins, fibroids, kidney stones, hernia, prostate, piles etc. by 40 per cent with better patient outcomes.”