MFine, a digital health startup raises USD 48 million in funding
Digital health startup MFine has raised $48 million in funding, co-led by Moore Strategic Ventures and BEENEXT.
The Series C round also saw participation from existing investors like SBI Group Japan, Heritas Capital, YS Investment Pte Ltd, Stellaris Venture Partners, SBI Ven Capital Singapore, Prime Venture Partners 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 said.
“Over one lakh users use MFine for booking diagnostic tests every month,” the statement said.
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.
Entrepreneur Ashutosh Lawania along with Prasad Kompalli founded MFine in December 2017. Afterwards, they were joined by Arjun Choudhary and Ajit Narayanan.
Since its establishment, over three million users have used MFine services, with the platform registering over three lakh monthly transactions that include diagnostic tests, doctor consultations, e-pharmacy and in-patient procedures.
The startup has more than 6,000 doctors across 35 specialities and serves users in more than 1,000 towns across India.
MFine has also launched an app-based SPO2 monitoring tool, to enable users to track their oxygen saturation levels.
“In the coming months, MFine will be extending the tool to measure heart rate and blood pressure,” 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.
The Series C round also saw participation from existing investors like SBI Group Japan, Heritas Capital, YS Investment Pte Ltd, Stellaris Venture Partners, SBI Ven Capital Singapore, Prime Venture Partners 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 said.
“Over one lakh users use MFine for booking diagnostic tests every month,” the statement said.
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.
Entrepreneur Ashutosh Lawania along with Prasad Kompalli founded MFine in December 2017. Afterwards, they were joined by Arjun Choudhary and Ajit Narayanan.
Since its establishment, over three million users have used MFine services, with the platform registering over three lakh monthly transactions that include diagnostic tests, doctor consultations, e-pharmacy and in-patient procedures.
The startup has more than 6,000 doctors across 35 specialities and serves users in more than 1,000 towns across India.
MFine has also launched an app-based SPO2 monitoring tool, to enable users to track their oxygen saturation levels.
“In the coming months, MFine will be extending the tool to measure heart rate and blood pressure,” 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.
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