Indian digital health startup MFine has obtained $48 million in a Series C investing round co-led by New York-based Moore Strategic Ventures and venture capitalist BEENEXT from Singapore.
The funding round was also joined by Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital.
Since its inception in late 2017, the company has raised total funding of about $75 million in equity and debt.
Founded four years back in October 2018, the company integrated with laboratory and diagnostic services and currently provides its users access to diagnostic centers across cities in India. The company said over 100,000 users use MFine for booking diagnostic tests every month.
Since its inception in 2017, MFine has operated an online platform with over three million users accessing online doctor consultations, diagnostic tests, digital pharmacies and in-patient procedures.
MFine said that it is growing 15% month on month, especially since the onset of the COVID-19 pandemic, which has led more and more people in India to adopt digital health services like teleconsultations etc.
In early 2021, MFine launched an app-based SPO2 (blood oxygen saturation) monitoring tool which enables users to keep track of their oxygen saturation levels without needing an additional device. MFine said it will be extending the tool to measure heart rate and blood pressure in the coming months.
“In the healthcare sector, the world has changed to a new normal, and we see 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,” said Prasad Kompalli, CEO & co-founder, MFine.
Planning to build world largest online hospital
MFine will use its fresh funds to expand its network of hospitals, diagnostic centers and e-pharmacies in India and build technology-driven care delivery products for acute and chronic disease patients.
At present, over 6,000 doctors across 35 specialties carry out services via MFine; the app also provides users access to more than 700 diagnostic centers across 400 Indian cities.
Also, the startup and insurance partners will bring financial solutions for its corporate users over the following months, though not many details about the forthcoming offering were disclosed.
MFine has a corporate subscription product that provides clients’ employees and their families access to online health consultations, mental health counseling, preventive health check and chronic disease management.
“We are very excited about the future of digital health in India and we look forward to working with our partners, investors and the government to build and scale this further,” MFine co-founder and CEO Prasad Kompalli said.