Mfine is a Bengaluru-based health technology start-up that leverages Artificial Intelligence and provides telemedicine facilities to over 1000 cities and towns across India.
Most recently, the health-tech start-up has announced to raise USD 16 million in funding round led by Singapore-based Venture Capital and Private equity management firm, Heritas Capital. According to sources, the financing round also saw participation from Y’s Investment Pte. Limited, a Singapore-based family office.
Reports also suggest that Mfine will soon initiate its Series C funding round in the upcoming months. When asked about the latest funding, the company mentions utilising these freshly infused funds to three-fold its investments in Artificial Intelligence which is the engine of their operations, improve on mobile engineering and device integration capabilities. Along with this, the start-up also plans to expand its network of hospitals across the country to scale up its recently launched services in the health-tech segment, including health screenings, diagnostics medical tests and delivery of medicines.
According to company profile on CrunchBase, existing investors that also participated in the financing round include Mumbai-based Venture Debt firm- Alteria Capital, SBI Investments, Singapore-based private equity firm, SBI Ven Capital and Venture Capital firm- Beenext.
2020, the year of a pandemic has been a great challenge for many businesses out there, some failed to survive, some skyrocketed their growth while some were burdened with losses. Mfine is a health-tech start-up and the company claims to have grown ten-fold during the past peak months of COVID-19 amid high market demand for telemedicine and digital health facilities.
The threat of the COVID-19 virus has forced people to stay inside their houses and hospitals have been the most dangerous place during the time of a worldwide pandemic. However, telemedicine and digital healthcare have been of tremendous help and the growth of these services has spikes 10x in these past months of 2020. The COVID-19 induced nationwide lockdowns have promoted the use of digital services and digitisation has been on its peak. Customers switched to online healthcare facilities to book medical tests, get medicines delivered at their doorstep, get online consultations and treatment from professional doctors and much more.
According to a report by Live Mint, Mfine operates on a partnership business model and has partnered with over 35 speciality hospitals and over 4,000 doctors that provide quality healthcare and on-demand access to medical facilities to the platform’s users.
Prasad Kompalli, Co-founder and Chief Executive Officer, Mfine says that the health-tech start-up is witnessing great traction on the provider and consumer front of the platform’s operations. He further added that the start-up’s vision of providing quality digital healthcare as a solution has been accelerated by two years.
This acceleration was majorly because of the COVID-19 situation in the country and digitisation, also this business model was the perfect value addition to the lives of people, all across India.