Indian digital health startup, MFine has secured $48 million funding in a Series C round led by Beenext, a venture capital firm of Singapore, and US-based Moore Strategic Ventures.
The funding round also saw participation from MFine’s existing investors, SBI Group Japan, Stellaris Venture, Heritas Capital, SBI Ven Capital Singapore, Y’S Investment, Prime Venture Partners, and Alteria Capital.
MFine will use the fresh funding to expand its hospital, e-pharmacy, and diagnostics network across India. The company also aims at building tech-enabled care delivery products for both chronic and acute condition patients.
Founded in 2017 by Prasad Kompalli and Ashutosh Lawania who were later joined by Arjun Choudhary and Ajit Narayana, the startup has managed to raise about $75 million to date in equity and debt.
MFine’s services have been used by more than three million users and the platform records more than 300,000 monthly transactions that include diagnostic tests, consultations, in-patient procedures, and e-pharmacy.
The startup added a new dimension to its virtual doctor consultations in 2018. It integrated its platform with diagnostic and laboratory services. Presently, MFine offers its users access to over 700 diagnostic centres spread across 400 cities in the country.
According to the company, more than 100,000 users use MFine’s platform for booking diagnostic tests per month. The startup boasts of over 6000 doctors on its platform spread across 35 specialties. MFine serves over 1000 towns across the country.
Earlier this year, MFine had launched an app-based blood oxygen monitoring tool. The blood oxygen saturation or SPO2 monitoring tool enables the users to keep track of their oxygen levels without the need of an additional device. Since its launch, more than 2.5 lakh users have used this tool.
The startup plans to extend this tool to measure blood pressure and heart rate as well soon.
More than 500 corporates have partnered with the startup to facilitate services covering more than 500,000 employees. According to the company, in the coming months it will offer inventive financial solutions for its consumers along with insurance partners.
MFine CEO and Co-founder Prasad Kompalli said in a statement, “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.”
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