MFine raises $48 mn, aims to build India’s largest virtual hospital

Healthtech startup, MFine has raised $48 million in a Series C funding round 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. Mfine said that it aims to build one of the largest virtual hospitals in the country and make high quality healthcare more accessible and effective with the use of AI and mobile technologies. Towards that vision, MFine is enabling clinical decision support for doctors using AI and bringing vitals monitoring and health management to consumers’ smartphones, the company said in a statement.

Since the onset of the COVID pandemic, Mfine has expanded its pool of services from the online consultations portal to providing e-pharma, diagnostics capabilities by partnering with various hospitals across the country. According to a recent report by RBSA  Advisors, Indian health-tech market is expected to grow at a 39% Compounded Annual Growth rate (CAGR) over FY2020 - FY2023 and is expected to reach $50 billion by 2033.

Since its inception in 2017, the platform has onboarded over 3 million, clocking over 300,000 monthly transactions that include doctor consultations, diagnostic tests, e-pharmacy and in-patient procedures. The company also 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.The Bengaluru headquartered firm has roped in 6000 doctors from over 700 reputed hospitals practice across 35 specialties .

“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,”  Prasad Kompalli, CEO & cofounder, MFiine said

In terms of business, the health tech firm is growing 15 per cent month-on-month, amid exponential adoption of telemedicine and digital health in India since the onset of the COVID-19 pandemic and increase in the adoption of digital health among Indians. The company will be investing heavily in technology to make the telemedicine experience significantly easier and effective for quality care delivery.

The healthtech industry in India has seen consolidation with the entry of leading corporates like Reliance and Tata Group into the sector with the acquisition of Netmeds and 1mg respectively. Epharma unicorn, Pharmeasy announced in June that the company will be acquiring a majority stake (66.1 per cent) in diagnostics chain, Thyrocare making it one if the largest valued deals across the ecosystem.

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