Bangalore based healthtech startup MFine has raised $16 million in a funding round led by Singapore based PE & VC fund Heritas Capital. The round also saw participation from Singapore-based family office Y'S Investment Pte Ltd and existing investors SBI Investment, SBI Ven Capital, BEENEXT, and Alteria Capital. The capital raise comes as a follow-up of MFine’s series B funding round where it had raised $17.2 million in 2019. The firm will initiate Series C fund raising in the coming months said a company statement.

According to a statement shared by MFine’s investor Prime Venture Partners, said that the 2020 was a strong year for MFine and the company achieved 10X growth amidst exponential adoption of telemedicine and digital health in India in 2020. Prasad Kompalli, Co-founder & CEO, MFine, said, “The year 2020 has been very significant for us. During the pandemic, with the introduction of strict lockdowns and social distancing measures, we found ourselves in a unique position to help millions of people with access to essential healthcare services. We are seeing incredible traction on the provider and consumer side”.

Founded in 2017 by Ajit Narayanan, Ashutosh Lawania and Prasad Kompalli, MFine has developed an AI-powered online doctor consultation app. Bridging the physical gap between patient and doctor through its application, MFine’s proprietary Assistive Intelligence platform can analyze the symptoms and deliver accurate prognosis for the specialist to assess patients, making the entire process faster. The firm has over
4,000 doctors from 600 hospitals covering 35 specialties on the platform that have so far been utilized by more than one million patients since the Covid 19 outbreak.

“MFine has developed a compelling solution that has proven to be highly impactful during this pandemic to ensure continued and trusted access to quality and affordable healthcare services. We believe that MFine’s collaborative partnership model with hospitals and doctors powered by the application of AI will enable smart optimization of limited healthcare resources to address unmet needs throughout India and beyond,” said Chik Wai Chiew, CEO and Executive Director of Heritas Capital.

MFine’s vision of digital health as a solution to scale quality healthcare delivery has been accelerated by two years. “The entire ecosystem is now on an accelerated transformation with the Indian government also introducing the National Health Stack. India is on the cusp of redefining healthcare delivery and we are actively engaged in shaping and leveraging this big shift,” added Prasad.

The fresh capital will be utilized by MFine towards tripling its investments in AI, mobile engineering, and device integration; expanding its hospital network across the country; scaling the recently launched services which include delivering medicines, preventive health screenings, and diagnostic tests.