Exclusive: Health-tech startup Medinfi raises angel funding again
Bengaluru-based Medinfi Healthcare Pvt Ltd, a platform for searching doctors and hospitals through web and mobile app, has raised $100,000 (Rs 68 lakh) in its sixth round of angel funding.
The investors who participated in the round include Vinod Martin, chief operating officer of a Singapore-based IT services company; Singapore angel investor Evan Lim; Kanchan Ghoshal, a Qatar-based alumnus of management school XLRI; and Ram Kumar Kakani, a professor at XLRI.
The company will use the funding to expand its user base to 50 cities in India, Ravi Shankar Mishra, co-founder and chief executive, Medinfi, told Techcircle over the phone.
"Medinfi has grown its active user base manifold while maintaining world-class user engagement. This has been possible due to relentless focus on our users and by maintaining neutrality in our business model," said Mishra.
The company now has angel investors from the US, Germany, Qatar, the UAE, Singapore and India This round takes the total amount the company has raised so far to more than $600,000. In July 2016, it had raised $200,000 in its fifth round of angel funding from investors including Mudit Saxena, senior vice president at Genpact, and Lim.
In February 2016, the company had raised an undisclosed amount from three angel investors, including Rajnish Sinha, senior vice president at Genpact.
Medinfi has been selected in the top 100 digital health startups globally by Interface Health Excellence, Canada, and was also selected for Facebook's FBStart and Social Good Program.
The startup helps users locate the nearest doctors and hospitals for check-ups, but does not have revenue tie-ups with either doctors or hospitals and hence does not book appointments.
Medinfi claims its Android app has recorded more than 100,000 downloads on the Google Play Store and its mobile website has 400,000 users. The app also offers a collection of blogs written by qualified professionals on a variety of health and lifestyle topics.
The company offers its services in 25 Indian cities. It is planning to launch its iOS app in mid-2017.
Medinfi is trying to establish a foothold in a market that has heavily funded startups such as Practo and Lybrate. Unlike Medinfi, many startups in the segment also allow users to book appointments.