Leading healthcare provider Medfin has raised $15Mn in Series B funding from a group of marquee investors including Arka Nxt, HealthXCapital (Singapore), Blume Ventures, and Axilor Ventures, Sony and Kotak Investments. Medfin offers patients access to the latest surgical treatment procedures at affordable prices in the most hassle-free manner. Medfin’s unique model offers surgeries across departments from ophthalmology to orthopaedics. The company has previously raised $4 Million in funding.
With these funds, Medfin plans to aggressively expand to 25+ cities across the country. It plans to invest in R&D, Technology, Process and People enabling it to offer patients a one-stop comprehensive service platform for 250+ types of daycare surgeries.
Medfin currently operates in some of the major cities and offers 250+ daycare surgical procedures. Medfin was founded in 2017 by Arjun Kumar, Arun Kumar, and Sidharth Gurjar. They realized that India’s thriving healthcare sector is one of the largest markets in the world. Within the sector, they noticed that surgery was a core component. With valuable experience and backgrounds in the consumer internet and healthcare space, the trio have worked together previously.
Innovation and advances in clinical approaches and technology have enabled numerous procedures to migrate into the ambulatory care or daycare setting. This also makes the entire process more affordable as these are usually specialized surgery centres that do not take on the burden of large real estate costs and inflated staff requirements.
Medfin helps patients navigate the entire surgical and related diagnostics processes, including connecting them with surgeons, finding the right course of treatment, performing cost estimates, and insurance coverage checks. Since the last round of funding, Medfin has expanded to cover more cities and also introduce many more daycare surgeries across departments.
Arjun Kumar, Founder and CEO at Medfin, said, “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.”
“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 from Arka Nxt Ventures.
Seemant Jauhari, HealthXCapital opines “With variable quality, outcomes, pricing plaguing healthcare services the patient is often confused and lacks trust. Medfin is simplifying this by providing a one-stop-shop that handholds the patient across one’s journey with a standardized service. Balancing access with great outcomes enables patient trust! This is key to Medfin and sets them apart from other such providers.”
In India, Elective surgeries become emergency surgeries because patients wait till the eleventh hour, mostly due to the hassles and expenses involved in the process. Making it an affordable and hassle-free experience, will change this mindset and provide a better quality of life.
Medfin’s vision is to build India’s first and most affordable network of ambulatory surgery centres focused on a delightful patient experience. The company plans to complete 1 lakh surgeries by the end of 2022. Indian surgical care sector is expected to advance at a CAGR of 22% during 2016-2022 to reach USD 100 Billion by 2022