Healthtech Startup Medfin Raises $15 Million in Series B Funding from Marquee Investors
With the investment, the company plans to expand operations in over 25 cities by end of 2022
Healthcare provider Medfin announced successful raise of $15 million in a Series B funding round. The round saw investments from Arka Nxt, HealthXCapital (Singapore), Blume Ventures, Axilor Ventures, Sony and Kotak Investments.
Founded by entrepreneur trio Arjun Kumar, Arun Kumar, Sidharth Gurjar in 2017, Medfin offers surgeries across multiple departments ranging from ophthalmology to orthopaedics.
The start-up is Arjun and Gurjar's second entrepreneurial venture together, who conceptualized Housejoy in 2014 together. Medfin claims that it is able to bring surgeries costs lower by up to 50 percent lower without any impact on the quality of the procedure, mainly due to technological advances such as minimally invasive surgical procedures.
The start-up has established its presence in 10 Indian cities at the moment, that are, Mumbai, Delhi, Chennai, Bangalore, Gurgaon, Hyderabad, Noida, Pune, and Visakapatnam.
With the fresh funding they are planning to expand to over 25 cities by the end of 2022. Currently, the company has facilitated over 5,000 surgeries in India and with the funding are on track to surpass 100,000 surgeries by 2024. It also plans to invest more in R&D, Technology, Process and their workforce.
While 2021 could be observed as a significant year for VC investments, healthtech sector has particularly seen a lot of gain. The sector received a total of $2.2 billion in funding across 131 deals in 2021.
In 2022, Medfin has secured one of the biggest funding in the space till now. "What Medfin is doing will redefine surgical care in India. They are well on their way to becoming India's largest day-care surgery provider. We are happy to partner with them in this journey," said Vikram Kailas, Arka Nxt Ventures, said.
Speaking about the company's values, Arjun Kumar, Founder and CEO, Medfin, said, "At Medfin we combine value-based care, advanced technology, and superior patient experience to deliver better health outcomes while containing costs."