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Mfine health-tech venture may lift Rs. 681cr

Mfine start-up is in the process to lift up funding of Rs 6.81 crore in the first round of external funding.
BY BEx Bureau
BusinessEx
Aug 25, 2017

The startup was founded by Myntra co-founder Ashutosh Lawania and aims to provide online doctor consultation.

The identity of the investors was not revealed in the start-up filings but the decision to raise funds was approved by the board of the Ministry of Corporate Affairs(MCA) on July 27.

As per the filings, the startup has decided to issue 28,090 prferential shares with issue price of Rs 2,426 per share that includes a premium of Rs 2,425 in order to raise Rs 6.81 crore. Also, in exchange for the funding the investors will raise 16.27% stake in the firm.

The funds are aimed to be used in product development and to meet day to day operating expenses.

The startup hasnt revealed whether they have raised the funding or not.

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