Digital health startup MFine raises $48 million in funding

Digital health startup MFine said on Wednesday that it has raised $48 million (about ₹356.1 crore) in funding, co-led by Moore Strategic Ventures and BEENEXT.

A statement by the group said that the series C round also saw participation from existing investors, which include, Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, YS Investment Pte Ltd., and Alteria Capital.

“The new round of funding will help MFine invest in expanding its hospital, diagnostics and e-pharmacy network across the country and building tech-driven care delivery products for both acute and chronic conditions patients,” the statement added.

Entrepreneur Ashutosh Lawania, who also co-founded Myntra, founded MFine with Prasad Kompalli, in December 2017, and they were later joined by Ajit Narayanan and Arjun Choudhary. The company has raised $75 million in equity and debt till now.

Since its inception, over three million users have used MFine services, with the platform clocking over three lakh monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures.

In October 2018, MFine added another layer to its virtual doctor consultations by integrating with laboratory and diagnostic services and currently, it provides its users access to more than 700 diagnostic centres across 400 cities in India.

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“Over one lakh users use MFine for booking diagnostic tests every month,” the statement said.

Mfine has more than 6,000 doctors across 35 specialties on its platform and serves users, in more than 1,000 towns across India.

The company said that it is growing at 15 per cent month-on-month, amidst exponential adoption of telemedicine and digital health in India, since the onset of the COVID-19 pandemic.

Earlier this year, MFine had launched an app-based SPO2 (blood oxygen saturation) monitoring tool, to enable users to keep track of their oxygen saturation levels without needing an additional device, which has been used by 2.5 lakh users since then.

“In the coming months, MFine will be extending the tool to measure heart rate and blood pressure,” the statement said.

Over 500 corporates have partnered with MFine to enable services covering over five lakh employees. “In the coming months, MFine will bring innovative financial solutions for users together with insurance partners,” the statement said.

“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,” MFine CEO and co-founder Prasad Kompalli said, adding that the company will also look to expand its network across India and make its services available widely.

(With inputs from Agencies)