Stem cell bank and diagnosis solution provider company LifeWell, which is the merged version of mFine and LifeCell International’s diagnostic business, has recently secured Rs. 184 crore, which is nearly $22 million. They raised the funding amount through a pre-IPO round led by existing backer OrbiMed. This funding is the first round of investment for this company.

The company’s regulatory filing accessed from the Registrar of Companies (RoC) shows that, the managerial board of this startup has passed a special resolution to issue 43,18,865 compulsory convertible preference to issue Rs. 426.71 each to raise to Rs. 184 crore.

The private investment farm Orbimed will invest Rs. 150 crore while Cellution Biostorage will inject Rs.30 crore in LifeWell. The funding round also witnesses the collaborative participation of S. Vinod Kumar, Sanjay Singh Kumar Jain, Siremal Kothjari, and others.

The allotment was done on partly paid-up capital via the right basis issue which means 25% of the new round has already been injected. The rest of the amount will come as decided by the board.

During July 2022, healthcare platform mFine announced its merger with LifeCell’s diagnostics business. At that time, the duo claimed to have a combined user base of more than six million. The combined entity had set a target to serve more than 50 million users by 2026.

As the merged entity, the company has lifted $80 million in funding from OrbiMed. Prior to that, mFine had managed to raise $75 million until its Series C round. After conducting a mass lay off round in mFine, in which they have asked 50% of their employees to leave.

mFine and LifeCell’s diagnostic business was one of the notable consolidations in the digital healthcare space since January 2020. Prior to this merging, DocsApp was merged with MediBuddy while Pristyn Care acquired Lybrate. All of these were distressed sales. The list also includes the acquisitions of ThyroCare, Medlife and Aknamed by PharmEasy while Reliance took over NetMeds.