Digital health startup MFine secured $48 million (~Rs 356.1 crore) in a Series C funding round anchored by Moore Strategic Ventures and BEENEXT. SBI Ven Capital Singapore, Stellaris Venture Partners, Y’S Investment Pte Ltd., SBI Group Japan, Heritas Capital, Prime Venture Partners, and Alteria Capital also participated in the round.
The funds raised will be leveraged to expand the company’s hospital, diagnostics, and e-pharmacy infrastructure across the country, as well as develop tech-driven care delivery products for patients with acute and chronic diseases. The company also aims to collaborate with insurance companies to offer its users financial services.
The latest round of funding comes months after the startup secured $16 million in January from Heritas Capital and YS Investment, a Singapore-based family office. The startup, back then, stated that it will use the funds to increase its investment in AI development, mobile engineering, and device integration.
In 2019, the startup raised $17.2 million in a Series B investment led by SBI Investment, SBI Ven Capital, and BEENEXT. MFine counts Prime Venture Partners and Stellaris Venture Partners as existing investors. So far, the company has raised about $86 million from investors. The company is projected to be valued at around $450 million to $500 million after the latest funding round.
MFine, founded in 2017 by Prasad Kompalli and Ashutosh Lawania, is an on-demand healthcare platform driven by AI that offers its customers access to virtual consultations and connected care programmes from major hospitals across the country. The startup claims that its users can consult doctors from their preferred hospitals through chat or video to receive prescriptions and/or routine checkups. Users can also use the platform to schedule routine diagnostic tests, medicine delivery, and access comprehensive health packages.
Prasad Kompalli, CEO and co-founder of MFine commented on the development saying, “In the healthcare sector the world has changed to a new normal and we are seeing a steep growth in the adoption of digital health in India too. We will continue to invest in deep tech to transform every smartphone into a health companion for consumers and a decision support assistant to all doctors. We will also be looking to expand our network across India and make our services available widely.”
The startup claims that over 3 million users have enjoyed MFine services since its inception, with over 300,000 monthly purchases that include doctor consultations, diagnostic tests, e-pharmacy, and in-patient treatments. In 2018, the startup introduced laboratory and diagnostic services to its platform, and it now has direct access to more than 700 diagnostic centres in 400 cities across India. Every month, almost 100K users, according to MFine, use the platform to book diagnostic tests.
MFine is growing at a 15 percent month-on-month rate, considering the increasing adoption of remote patient monitoring and digital health in India since the outbreak of the Covid-19 pandemic and the surge in digital health adoption among Indians. MFine competes with Pharmeasy, Reliance-backed Netmeds, and Medibuddy, among many other e-pharmacy startups.