Healthtech startup MFine has raised $48 million in a Series C funding round 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.
The new round of funding will be used by the company to expand its hospital, diagnostics and e-pharmacy network across the country and to build tech-driven care delivery products for patients with both acute and chronic conditions.
Commenting on the fund raise, Prasad Kompalli, CEO and co-founder, MFine, 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. We will also be looking to expand our network across India and make our services available widely.”
In an earlier conversation with BusinessLine , MFine’s Chief Business Officer and founding member, Arjun Choudhary noted that the company’s current focus is to expand its network of services to next 20 cities over the next 14-15 months, which would include cities like Jaipur, Chandigarh, Surat, Patna, Ahmedabad, and Lucknow.
The company is also working on adding clinical decision support for doctors using AI and bringing vitals monitoring and health management to consumers’ smartphones. In early 2021, MFine 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 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.”
Growing user base
Since its inception, over 3 million users are said to have used MFine services with the platform clocking over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures. In October 2018, MFine integrated with laboratory and diagnostic services to provides its users access to more than 700 diagnostic centres across 400 cities in India.
Over 1,00,000 users are said to be using MFine for booking diagnostic tests every month. Further, more than 6,000 doctors from over 700 hospitals across 35 specialities are on MFine and are said to be serving millions in more than 1,000 towns across India.
MFine claims to be growing 15 per cent month on month, amidst growing adoption of telemedicine and digital health in India since the onset of the Covid-19 pandemic.
The MFine Corporate subscription product is also said to have seen strong growth in the last year with many corporates offering multiple benefits 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 company will also bring innovative financial solutions for users together with insurance partners.