Mfine, an online platform for doctor consultation, which is not yet launched, is reportedly planning to raise around Rs 6.8 crore ($1 million) in its seed funding round.
The funding will be used by the Bengaluru-based startup for product development and to meet the working capital requirements.
The startup is the brain-child of online fashion retailer Myntra’s co-founder Ashutosh Lawania. He founded the startup along with Prasad Kompalli, who is acting as a chief executive officer of the company.
As per the company’s filings with the Ministry of Corporate Affairs (MCA), the board of the startup has passed a resolution on July 27 to raise the funds. However, there is no information available regarding the investors.
The company will issue 28,090 Series A preferential shares with a subscription price of Rs 2,426 apiece that includes a premium of Rs 2,425, to raise Rs 6.81 crore. The investors will get a 16.27 percent stake in the startup.
It is not yet clear if the company has already raised the funding or is about the raise the funding round. Also, it is also not known if this funding is a part of a bigger funding round.
Mfine was established in February this year. The company has hired many of Myntra’s team members. Ajit Narayanan, who quit as Myntra’s chief technology officer earlier in June, has now joined Mfine as its chief technology officer.
Along with Ajit, the company has also hired Arjun Choudhary as chief business officer. He was working as a head of growth and sales at Myntra.
Mfine platform provides a chat window using which patients can consult doctors from hospitals on the network. Patients can consult pediatricians, gynaecologists, obstetricians and physicians. It also enables to collect samples for lab tests and order medicines online.
Interestingly, Mukesh Bansal, another Myntra co-founder, has also launched a healthcare and fintness startup named Curefit, along with former Flipkart executive Ankit Nagori. Founded last year, Curefit has already raised over Rs 115 crore funding and has acquired 3 companies. It is expected to raise another funding round soon.