SynPhNe to raise USD 5.25 mn for expansion

Digital neurological therapeutics firm SynPhNe on Friday said it is looking to raise USD 5.25 million (over Rs 38 crore) through institutional investors to fund expansion in India.

The company is currently building its distribution network in India by establishing franchising and distributor channels all over the country, SynPhNe said in a statement.

The network will be first established in the metropolitan cities followed by tier-II and tier-III towns, it added.

"We are planning to raise USD 5.25 million this year through institutional investors. Since inception, we have raised USD 5 million, out of which USD 1 million came through Research Grants and the rest USD 4 million from the Angel Investors. We plan to use these proceeds for expansion,"SynPhNe India Pvt LtdDirector and CEOAbhijeet Pandit said.

The company's endeavour is to reach out to as many patients as possible. It has already established a strong foothold in Singapore and Mumbai, he added.

The company is looking to expand its footprint to Thane, Hyderabad, Bengaluru, Ahmedabad and Thrissur later this year, Pandit said.

Keeping the current times in mind, SynPhNe has also adapted its business model and started online sessions for existing and new patients, the statement said.