The Bengaluru-based healthcare firm, Mfine will raise $17 million from the first round of funding, led by SBI Ven Capital, a subsidiary of SBI, as reported by the Indian daily news, The Economic Times.
Till now, this is the third investment made by SBI Ven Capital after Liqvid and Innoviti. With the current investment, it can allude that investment companies are growing interest in healthcare startups.
The investing group, SBI Ven Capital, currently owns almost $4.7 billion assets in the world.
Making healthcare available to all in India using technology is a large opportunity, and there is strong interest in the market to back such startups if there is some demonstrated proof of concept, an anonymous source told the Indian daily news, The Economic Times.
Mfine, the healthcare application, is essentially an AI-based healthcare platform which joins patients with physicians, working in reputed hospitals, via instant chat and videos.
The online company also caters medical services to patients as it was associated with hospitals. Some of the top medical services that the application offers are cardiology, gynaecology, paediatrics, dermatology, paediatrics and general medicine. The company mainly earns revenue in the form of commission after connecting patients to doctors, collaboration with corporate and income from lead-generation.