Bengaluru-based healthtech startup mfine on Tuesday has announced that it has raised $4.5 million in debt funding from venture debt firm Alteria Capital.
The funding will be used to maximize its investments in AI, mobile engineering and hardware integration. Mfine is also planning to expand its hospital network in some of the metropolitan cities in the next six months.
“We are able to bring high-quality healthcare to users’ mobile—be it doctor consultations, medicine orders, diagnostics tests or digital tools. The recently closed Series B and Alteria’s current investment are an endorsement of our differentiation and potential to create a large-scale health-tech business,” mfine co-founder and CEO Prasad Kompalli said.
The startup raised $17.2 million (Rs 120 crore) in its Series B funding round in April. The round was led by SBI Investment, the venture capital unit of Japanese financial services company SBI Group. Two more new investors, Singapore-based SBI Ven Capital and tech-focused global venture capital firm Beenext, also participated in this round. Existing investors Stellaris Venture Partners and Prime Venture Partners also contributed.
Last year, mfine had raised $4.2 million (Rs 28.5 crore) in a Series A round led by Prime Venture Partners. Stellaris and healthcare entrepreneur Mayur Abhaya Srisrimal also participated in the round.
The startup, operated by Novocura Tech Health Services Pvt. Ltd, the company uses its artificial intelligence-powered platform to connect patients with doctors for virtual consultations.