Former Myntra executives Prasad Kompalli and Ashutosh Lawania’s health tech startup Mfine, has raised $1.5 million in its first round of funding led by Stellaris Venture Partners.
The funding round also saw participation from Mayur Abhaya and Rohit MA, healthcare entrepreneurs from Stellaris’ Founder Network.
Kompalli, who spent four years with Myntra, and Lawania, who cofounded Myntra, both left the company around December 2016 and started tinkering with the idea of using artificial intelligence in healthcare.
“We got excited about the application of artificial intelligence in healthcare and changing the consumer experience,” said Kompalli. “We see a huge opportunity to build a consumer focused digital health platform in India.”
The duo is joined at Mfine by former Myntra CTO Ajit Narayanan and Arjun Chaudhary, who was previously the head of digital marketing at Myntra, making four out of its 15-member team former Myntra executives. The team also includes Dr Jagadish Prasad, interventional neuroradiologist and founder of Femiint Health. Following the investment, Stellaris partner Ritesh Banglani has joined the company’s board.
“We are delighted to partner with Prasad and Ashutosh on their mission to take quality healthcare beyond the hospital’s walls,” said Banglani. “The seasoned founding team brings together scale execution experience and deep technology expertise to create a unique AI application in healthcare.”
Mfine has built an online consultation app which will have a network of reputed hospitals and the app is expected to go live in September. The company is collaborating with hospitals like Cloudnine Group, Ovum Hospitals and Femiint Health and is also in talks with some other hospitals in Bengaluru.
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“Mfine’s artificial intelligence engine will help provide a proactive care experience for patients and enable healthcare providers to engage patients in long-term care programmes,” said Lawania. “This year, we want to focus on Bengaluru and then move on to other cities.”
The founders believe that their technology experience and expertise from Myntra can be used in this new venture and are going 3-4x deeper in artificial intelligence and data science.
“Apart from that, our learnings from Myntra on building a brand and customer trust, would be helpful in enhancing patient experience at Mfine,” added Lawania.
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