While healthtech startups took a chunk of the investment capital in past couple of years or so, majority of it has been directed towards digital healthcare delivery platforms. Healthtech startups, dealing in more critical healthcare systems — surgeries for that matter — have now come into prominence, with the likes of Pristyn Care turning unicorn. Medfin, another healthtech that functions as a digital platform for finding affordable surgeries across India, is joining the fundraising bandwagon, as it announces a $15Mn Series B.
The round saw participation from Arka Nxt, HealthXCapital (Singapore), Blume Ventures, Axilor Ventures, Sony and Kotak Investments. Medfin has previously raised $4Mn in combined seed and angel rounds.
Founded in 2017 by the trio of Arjun Kumar, Arun Kumar, and Sidharth Gurjar, Medfin offers patients access to the latest surgical treatment procedures at affordable prices, through its digital platforms across web and mobile. The company currently serves across all major metros and Tier I/II cities in India and offers over 250 day care surgical procedures.
Speaking about their fundraise and plans ahead, CEO Arjun Kumar says, “A large part of the population in India falls in the low to medium income bracket and daycare surgeries can really benefit them. At Medfin we combine value-based care, advanced technology, and superior patient experience to deliver better health outcomes while containing costs.”
It is widely known how unaddressed India’s overall health sector is. And while COVID provided much needed boost to the primary health infrastructure from Government, critical and speciality treatments still remain elusive to most. Elective surgeries often tend to become emergency surgeries because patients wait till the eleventh hour, mostly due to the hassles and expenses involved in the process. That pain point is what Medfin is banking upon to create a business.
The upstart plans to complete nearly 100K surgeries by the end of 2022. Indian surgical care sector is expected to advance at a CAGR of 22% during 2016-2022 to reach $100Bn by 2022.