[Funding alert] Digital health startup MFine raises $48M in Series C to build world's largest virtual hospital
Digital healthcare startuphas raised $48 million in Series C funding co-led by Moore Strategic Ventures and BEENEXT, with participation from existing investors Stellaris Venture Partners, SBI Group Japan, SBI Ven Capital Singapore, Heritas Capital, Prime Venture Partners, Y’S Investment Pte Ltd., and Alteria Capital.
With this funding, the startup now aims to build one of the largest virtual hospitals in the world and make high quality healthcare more accessible and effective with the use of AI and mobile technologies. MFine is now enabling clinical decision support for doctors using AI and bringing vitals monitoring and health management to consumers’ smartphones.
The new round of funding will help MFine extend its leadership in digital health with investments into 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.
Prasad Kompalli, CEO and Co-founder, MFine, said in a press note,“ 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. We will also be looking to expand our network across India and make our services available widely. 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,” he added.
MFine today has over three million users, and the platform claims to be clocking over 300,000 monthly transactions. This includes doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures.
Hero Choudhary, Managing Partner, BEENEXT, said, “MFine’s model, coupling AI technology with a strong provider network, is powerful in providing healthcare services on-demand and changing the way we think about care delivery for millions across the world."
"We see a huge demand from consumers looking for an integrated care experience, and MFine has built the right platform to deliver that experience with its state of the art technology and a fast growing provider network.
The healthcare platform is growing at 15 percent month-on-month and is investing heavily in technology to make the telemedicine experience significantly easier and effective for quality care delivery. In early 2021, MFine also 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.
Since then, 250,000 users have used the tool and thousands of people continue to use it daily. In the coming months, MFine will be extending the tool to measure heart rate and blood pressure too.
Hero added, "The high uptake and engagement on MFine's platform speaks volumes about the pressing need for such a service not only in India but also globally. We are excited to partner with MFine as they continue to change the face of healthcare in India.”
In October 2018, the startup added another layer to its virtual doctor consultations by integrating with laboratory and diagnostic services and currently provides its users access to more than 700 diagnostic centres across 400 cities in India. Over 100,000 users use MFine for booking diagnostic tests every month. More than 6000 doctors, including some of India’s top doctors from over 700 reputed hospitals practice across 35 specialties on MFine and serve millions in more than 1000 towns across India.
The MFine Corporate subscription product has seen strong growth in the last year with many corporates offering multiple benefit programmes as part of which employees and their families get access to online doctor consultations, preventive health checks, mental health consultations and chronic condition management.
Over 500 corporates have partnered with MFine to enable wide ranging services covering over 500,000 employees. In the coming months, the startup will also bring innovative financial solutions for users together with insurance partners.
Edited by Megha Reddy