mfine Raises $1.5 Million From Stellaris Venture
mfine, India’s first AI-driven healthcare network, founded by former Myntra executives Prasad Kompalli and Ashutosh Lawania, has raised $1.5 Million in a funding round led by Stellaris Venture Partners. The round also saw participation from Mayur Abhaya and and Rohit MA, top healthcare entrepreneurs from Stellaris’ Founder Network.
Following the investment, Stellaris partner Ritesh Banglani has joined the company’s board.
mfine offers patients access to online consultations and care programs from the country’s top hospitals. Its AI platform helps improve doctor productivity and quality of diagnosis. The company is collaborating with top hospitals like Cloudnine Group, Ovum Hospitals and Femiint health to help increase their reach and provide a high standard of care for patients.
Commenting on the opportunity, mfine CEO Prasad Kompalli said, “We see a huge opportunity to build a consumer focussed digital health platform in India. At mfine, we use technology to make a high quality hospital network accessible on-demand to consumers ”
“mfine’s AI engine will help provide a proactive care experience for patients and enable healthcare providers to engage patients into long-term care programs,” Ashutosh Lawania added.
Kompalli and Lawania started mfine after helping build Myntra as the dominant fashion retailer in the country. At Myntra, Lawania was a cofounder and Kompalli the Chief Business Officer. They are joined at mfine by former Myntra CTO Ajit Narayanan, and Arjun Choudhary, previously the head of Digital Marketing at Myntra. Dr. Jagadish Prasad, interventional neuroradiologist and founder of Femiint Health, brings strong clinical expertise to the team.
Commenting on the investment in mFine, Ritesh Banglani, Partner at Stellaris said, “We’re delighted to partner with Prasad and Ashutosh on their mission to take quality healthcare beyond the hospital’s walls. The seasoned founding team brings together scale execution experience and deep technology expertise to create a unique AI application in healthcare”.
mfine’s consumer app is expected to be launched in Bangalore in September 2017.
About Stellaris Venture Partners
Stellaris Venture Partners is an early stage, technology focused venture capital firm with offices in Bangalore and Delhi NCR. Alok Goyal, Rahul Chowdhri and Ritesh Banglani, the founding partners of the firm, are seasoned venture professionals who have previously led global technology businesses. In the past, the partners have invested in market leaders such as Taxiforsure, Bigbasket, Shopclues, Axtria, Lifecell and Simplilearn. Stellaris will back bold entrepreneurs who leverage technology to solve large problems. Stellaris has created a network of successful founders and business professionals to help identify promising investments, advise portfolio companies and selectively co-invest with the fund.
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