Health Care Firm Medfin Raises Funding To Set Up Ambulatory Care Centers

• The company plans to use the funding to set up Ambulatory Care Centers in the four cities.
• It claims to have a 4x increase in growth over the last year.
• Investors, including HealthXCapital, Blume Ventures, and existing Axilor Ventures participated in the funding round.

Bangalore-based health care firm Medfin has raised an undisclosed amount in a Series A funding round led by Blume Ventures and HealthXCapital, a healthcare-focused investment firm.

Japan's Dream Incubator and existing investor Axilor Ventures has also participated in the funding round.

Other than Medfin, Axilor Ventures has also invested in 5CNetwork, Neurosynaptic, Pluspin, among other health tech firms.

The company plans to leverage these funds to set up Ambulatory Care Centers in the four cities, including Bangalore, Hyderabad, Chennai, Mysuru, and Pune. It also plans to use some part of the funds to purchase high-end surgical equipment for daycare surgeries.

In March 2019, Medfin had raised around $1 million (or about Rs 7.7 crore) in a Seed funding round from Axilor Ventures, S.D. Shibulal, and Kris Gopalakrishnan (Chairman, Axilor Ventures), according to Crunchbase.

Founded in 2011 by Arjun Kumar, Arun Kumar, and Sidharth Gurjar, Medfin is a Bangalore-based hospital & healthcare firm that offers patients access to daycare surgical procedures at affordable rates.

Commenting on the latest fundraise, Arjun Kumar, Co-founder of Medfin, said, "Indians will undergo around six crore surgeries this year. With rapid technological improvements, around 60% of all surgeries can be performed at daycare/Ambulatory Care Centres (ASC).

"This brings down the costs for a wide range of procedures like varicose veins, fibroids, kidney stones, hernia, prostate, and piles among others by about 40% with better patient outcomes," he added.

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According to the Medfin website, It has completed over 33,745 consultations across 5 cities and 2,850 surgeries. The company is currently operating in five cities, including Bangalore, Mysuru, Chennai, Pune, and Hyderabad.

"Healthcare in Tier I India, especially in the secondary and tertiary provider business, has become laden with disincentives and lack of transparency. Hence, the cost of good quality care in the private sector is out of reach for most Indians. Medfin represents a new crop of healthcare companies in India that is focused on bringing transparency into the industry," said Arpita Agarwal, Director at Blume Ventures.

Since the COVID-19 lockdown, Medfin has increased its business operation and had witnessed 4X growth over the last few years, the company said.

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